Petrol price cut by Rs 8.69, diesel by Rs 7.05

Petrol price on Sunday was slashed by Rs 8.69 a litre and that of diesel by Rs 7.05 per litre following the government’s decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high.

The government had on Saturday announced a record Rs 8 per litre cut in excise duty on petrol and Rs 6 reduction on diesel.

The excise duty cut will translate into a reduction of Rs 8.69 a litre on petrol in Delhi and Rs 7.05 in diesel per litre after taking into account its impact on other levies.

Petrol in the national capital now costs Rs 96.72 a litre as against Rs 105.41 previously. Diesel is now priced at Rs 89.62 per litre as opposed to Rs 96.67 earlier, a price notification from state-owned fuel retailers showed.

In Mumbai, petrol rates have been slashed to Rs 111.35 a litre from Rs 120.51 while diesel rates have come down to Rs 97.28 per litre from Rs 104.77.

Rates differ from state to state depending on incidence of local taxes such as VAT.

Petrol now costs Rs 106.03 a litre in Kolkata (earlier Rs 115.12) and Rs 102.63 in Chennai (previously Rs 110.85). Diesel is priced at Rs 92.76 a litre in Kolkata (previously Rs 99.83) and Rs 94.24 in Chennai (earlier Rs 100.94).