Petrol price cut by Rs.2.42, diesel Rs.2.25
Petrol price was today cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
The reduction would have been almost double but for the government also raising excise duty by Rs 2 per litre on both petrol and diesel today. This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October.
New rates will be effective midnight tonight.
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