Petrol, diesel prices cut again
HYDERABAD: The Centre cut the price of petrol by Rs. 2.42 a litre and diesel by Rs. 2.25. The revised prices will come into effect from Tuesday midnight.
This is the tenth time since August 2014 that the price of petrol has been reduced and the sixth time that rate of diesel have been since its deregulation by the NDA Government in October in the wake of declining global prices.
It was as recently as on January 16 that petrol and diesel were reduced by a similar margin but the consumer did not benefit much as the Government of India increased the excise duty on both the products by Rs. 2 a litre.
As a result of the latest revision, the price of petrol in New Delhi will be Rs.56.49 a litre, down from Rs. 58.91 earlier. Diesel will cost Rs. 46.01 a litre compared to Rs. 48.26 now.
In Hyderabad, the price of petrol before the cut is Rs. 66.38 a litre and diesel Rs. 54.57.
It remains to be seen whether the Centre and the State Governments pass on the benefit to consumers or choose to impose fresh excise duty or VAT, as the case may be. The Centre has hiked excise duty four times since November last.