Petrol price cut by 22 paise, diesel by 23 paise

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Oil Marketing companies on Tuesday slashed petrol and diesel prices as international crude prices cooled off. After today’s revision, petrol prices dropped by 22 paise per litre while diesel prices eased by 23 paise a litre.

A litre of petrol in Delhi will now cost Rs 90.56, while diesel will cost Rs 80.87 a litre. In Mumbai, you’ll have to pay Rs  96.98 and Rs 87.96 for a litre of petrol and diesel respectively.

In Kolkata petrol price stands at 90.77  per litre, while diesel costs Rs 83.75, post Tuesday’s revision.

In Chennai, petrol became 19 paise cheaper at Rs 92.58 per litre, while diesel prices were slashed by 22 paise to Rs 85.88.

Petrol rates have also dropped in other major cities including  Noida (Rs 88.91), Bengaluru (Rs 93.59), Hyderabad (Rs 94.16), Jaipur (Rs 97.08), Lucknow (Rs 88.85) and Patna (Rs 92.89), as per data from the IOL website.

Meanwhile, diesel price dropped to Rs 81.33 in Noida,  Rs 85.75 in Bengaluru and Rs 88.20 in Hyderabad. In Jaipur the diesel price eased by Rs 89.35,  in Lucknow by Rs 81.27 and in Patna by Rs 86.12.

The exorbitant excise duty and VAT levied by the Centre and the state government can blamed for the high fuel prices in India. It may be worth noting that taxes and levies constitute 60% of the fuel prices.

The petrol and diesel rates are usually revised on a daily basis in line with benchmark international prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented with effect from 6 am each day.