Petrol and diesel prices were on Tuesday slashed by Rs 2.42 per litre and Rs 2.25 per litre respectively as international oil prices slumped to new low. New rates will be effective from the midnight tonight.
People across all sections have hailed the decision to reduce petrol and diesel prices.
After the revision of fuel prices, petrol will cost Rs 56.49 and diesel Rs 46.01 a litre in Delhi while in Kolkata price of petrol will be Rs 64.22 and diesel Rs 50.74 per litre.
Mumbaikars will have to shell out Rs 63.94 for petrol and Rs 53.22 for diesel a litre.
In Chennai petrol will cost Rs 58.96 and diesel Rs 49.09 per litre.
Fuel prices were last revised on January 16 when petrol and diesel prices were cut by the same margin in the wake of falling oil prices.
In January, the government the government had also hiked excise duty on petrol and diesel by Rs 2 per litre.
This was the fourth hike in excise duty since November and cumulatively excise duty on petrol was hiked by Rs 7.75 per litre and diesel by Rs 6.50 a litre.
The rupee, which plays an important role in determining prices of the imported fuels, ended steady at 61.66 against the US dollar on Tuesday.
With international crude oil prices continuing to rule below $50 per barrel, the three state-run oil marketing companies (OMCs) Tuesday decided to reduce petrol and diesel prices.
According to Indian Oil Corporation (IOC), the latest revision was done keeping in account the deceleration of prices globally and the appreciation in rupee-dollar exchange rate.
“The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel,” IOC said.
On Jan 16, the three state-run OMCs had cut petrol price by Rs 2.42 a litre and that of diesel by Rs 2.25 per litre.
This is the third time since the beginning of 2015, that the prices of both the transport fuels have been reduced.