With international crude oil prices continuing to hover 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 petrol price in Delhi — after taking into account the state levies — will be reduced by Rs.2.42 per litre, while diesel cost will come down by Rs.2.25 per litre from midnight Tuesday.
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.
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