You are here: Home » Economy & Policy » News
Business Standard

Petrol, diesel prices likely to come down from today as govt cuts excise duty

As per the Ministry of Petroleum and Natural Gas's calculations, the reduction in excise duty will decrease prices of petrol and diesel by Rs 2.50 and Rs 2.25 per litre respectively in New Delhi.

IANS  |  New Delhi 

petrol prices
Daily fuel revision

Prices of transportation fuels -- and -- are expected to come down on Wednesday in the wake of the government reducing the levied on both by Rs 2 per litre.

As per the Ministry of Petroleum and Natural Gas's calculations, the reduction in will decrease prices of and by Rs 2.50 and Rs 2.25 per litre respectively in New Delhi.

"This measure would help reducing the prices of and and giving relief to consumers," the Ministry said in a statement.

"As a result of reduction in excise duty, the decrease in prices of and will be Rs 2.50 per litre and Rs 2.25 per litre respectively at Delhi."

In effect, the government decision will act as a check against retail prices going up in case global crude rates rise further.

Earlier, informed sources here had said that the reduction in retail prices will "likely be reflected" from Wednesday morning.

The three state-owned oil marketing companies (OMCs) -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- revise prices of and on a daily basis and these are announced at 6 a.m.

Currently, an component of Rs 21.48 per litre is levied upon -- and, consequent to the reduction in excise duty, this will come down to Rs 19.48.

In case of diesel, Rs 17.33 excise is charged per litre -- this will come down to Rs 15.33 per litre.

On October 3, Tuesday, the retail selling price of in New Delhi was pegged at Rs 70.88, while that for was at Rs 59.14 per litre.

 

First Published: Wed, October 04 2017. 09:35 IST
RECOMMENDED FOR YOU