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Petrol, diesel prices fall by over Rs 2 as under-fire government cuts excise duty


In some good news for the common man, the prices of petrol and diesel fell by Rs. 2.25 per litre in Delhi, Rs. 2.25 in Kolkata, Rs. 2.38 in Mumbai and Rs. 2.41 in Chennai, on Wednesday.

The price of diesel today retailed at Rs. 56.89 in Delhi, Rs. 59.55 in Kolkata, Rs. 60.43 in Mumbai and Rs. 59.89 in Chennai, according to Indian Oil website. In comparison, on October 3 (Tuesday), diesel was priced at Rs. 59.14 in Delhi, Rs. 61.8 in Kolkata, Rs. 62.82 in Mumbai and Rs. 62.3 in Chennai, according to Indian Oil.

Petrol prices in Delhi, Kolkata and Mumbai fell nearly Rs. 2.5 per litre while in Chennai the reduction was Rs. 2.6. Petrol today retailed at Rs. 68.38 in Delhi, Rs. 71.16 in Kolkata, Rs. 77.51 in Mumbai and Rs. 70.85 in Chennai. In comparison, on October 3 (Tuesday), petrol was priced at Rs. 70.88 in Delhi, Rs. 73.62 in Kolkata, Rs. 79.99 in Mumbai and Rs. 73.48 in Chennai.

Also Read: Petrol, diesel prices to be revised daily from today: How to check online, through SMS, and app

“This measure would help reducing the prices of petrol and diesel and giving relief to consumers,” the Ministry said in a statement. In effect, the government decision will act as a check against retail prices going up in case global crude rates rise further.

“The Government of India has decided to reduce the basic excise duty rate on petrol and diesel [both branded and unbranded] by Rs 2 per litre with effect from 4th October, 2017,” a Finance Ministry statement said.

Facing all round severe criticism, the government on Tuesday night slashed the excise duty on petrol and diesel by Rs 2 per litre — effective Wednesday. According to the government, the decision to reduce the “Basic Excise Duty” rate on petrol and diesel has been taken to cushion the impact of rise in international crude prices.

(With inputs from Agencies)