Petrol, diesel prices cut by 8.69% after excise duty cut

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Petrol, diesel prices cut by 8.69% after excise duty cut

On Sunday, the price of petrol was slashed by 8.69 a litre and that of diesel by 7.05 per litre after the government 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 a record Rs 8 per litre cut in excise duty on petrol and Rs 6 reduction on diesel on Saturday.

After taking into account the impact on other levies, the excise duty cut will result in a reduction of 8.69 a litre on petrol in Delhi and 7.05 in diesel per litre.

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

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

The incidence of local taxes, such as VAT, can vary from state to state.

Petrol is priced at Rs 106.03 a litre in Kolkata earlier in the day of Rs 115.12 and Rs 102.63 in Chennai. Diesel is priced at Rs 92.76 a litre in Kolkata, before Rs 99.83 and Rs 94.24 in Chennai earlier in the day.