Petrol, diesel prices slashed; excise duty hiked

New Delhi: Petrol price was on Friday 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 on Friday.
This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October.
New rates have become effective from midnight, Indian Oil Corp, the nation’s largest fuel retailer, announced here. (PTI)