The changes will be effective from midnight
Petrol, diesel prices have started going down: Dharmendra Pradhan
The decision will cost the exchequer Rs 20 billion and will provide the people with a relief of Rs 2.5 per litre on petrol and diesel
Need to deepen petro product pricing reforms
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.
But the windfall gain is restricted to some extent by low consumption in monsoon months
'All over the world the prices of petroleum products have gone down as the international prices have gone down,' Jaipal Reddy added
On Thursday, petrol per litre cost Rs 79.44 in Mumbai, Rs 74.28 in Kolkata and Rs 74.20 in Chennai
Experts say domestic prices will track international ones, which have shown a declining trend
The Indian basket of imported crude oils gained nearly $3.50 a barrel during last week
Adds, money collected through taxes on petro products was being used to develop infrastructure
There might be marginal difference from pump to pump
This reverses the four-week trend of rising rates
Business Standard conducted a poll asking readers if petrol prices would hit Rs 100 in Mumbai. Here is the result
Parrikar said entry tax imposed on vehicles entering state would be abolished once GST is introduced
Actual increase in price will be more after taking into account local VAT
Prices of the two main transportation fuels were last hiked on May 1
KJ Alphons had also stirred the hornet's nest by making contradictory remarks on beef recently
Cutting taxes on petrol and diesel will hit the fisc, but long-term solutions would be to extend GST to them and introduce cost-plus pricing for oil firms
Daily revision of petrol and diesel prices has burdened the masses