Petrol price cut by Rs 2.42/L, diesel Rs 2.25/L; 9th reduction since August in petrol, 5th in diesel

New Delhi

Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.

The reduction would have been almost double but for the government also raising excise duty by Rs 2 per litre on both petrol and diesel on Friday.

This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October.

New rates will be effective midnight tonight, Indian Oil Corp, the nation’s largest fuel retailer, announced here.

In Delhi, petrol will cost Rs 58.91 a litre, the lowest in 44 months, as compared to Rs 61.33 a litre now. Similarly, diesel will cost Rs 48.26 a litre in Delhi, the lowest since April 2013, as against Rs 50.51 currently.

Petrol and diesel prices were last cut on December 16 by Rs 2 per litre each.

Including Friday’s reduction, petrol price have been cut by Rs 14.69 per litre on a cumulative basis since August, while diesel rates in five downward revisions have been slashed by a total of Rs 10.71 a litre.

Crude oil price in June was at USD 115 per barrel.

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