Excise duty on petrol will go down by Rs 5 and that on diesel will reduce by Rs 10. The Centre has said the new prices will be effective from Thursday.

This comes at a time when petrol and diesel prices are at a record high across the country.

On Wednesday, petrol price in Delhi stands at Rs 110.04 per litre while diesel is available for Rs 98.42. In Mumbai, petrol is retailing at Rs 115.85 while diesel costs Rs 106.62.

Auto fuel prices in the country differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.

In the global market, oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply, news agency Reuters reported.