Petrol, diesel prices down

New Delhi, October 04: Here is the good news for the petrol, diesel customers as The government on Tuesday cut excise duty on petrol and diesel by Rs 2 per litre each bowing to huge public pressure.

Petrol and diesel will cost Rs 2 a litre less from Wednesday after the first excise duty cut by the Narendra Modi government come into effect. Petrol currently costs Rs 70.88 per litre in Delhi while a litre of diesel is priced at an all-time high of Rs 59.14.

The decision was announced by the finance ministry in a tweet.

Currently, petrol and diesel prices are revised on a daily basis. After today's revision, prices of diesel fell by Rs. 2.25 per litre in Delhi, Rs. 2.25 in Kolkata, Rs. 2.38 in Mumbai and Rs. 2.41 in Chennai. The price of diesel today retailed at Rs. 56.89 in Delhi, Rs. 59.55 in Kolkata, Rs. 60.43 in Mumbai and Rs. 59.89 in Chennai, according to Indian Oil website.

The excise duty cut on petrol and diesel would cost the government Rs. 26,000 crore in annual revenue and about Rs. 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018, an official statement announcing the reduction said.