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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 petrol and diesel on a daily basis and these are announced at 6 a.m.
In case of diesel, Rs 17.33 excise is charged per litre -- this will come down to Rs 15.33 per litre.