 "Petrol prices cut by 50 paise, diesel by 46 paise")
Petrol would cost half a rupee less at Delhi at Rs 59.98 a litre. The retail selling price of diesel has been cut by Rs 0.46 at Delhi, including state levies, with corresponding price revision in other states. With this change, the price of Diesel in Delhi will be Rs 46.09.
The current level of international product prices of petrol and diesel and rupee dollar exchange rate warrant a decrease in prices, Indian Oil Corporation said in a press release. "The impact of this is being passed on to the consumers with this price revision," it said.
The government, however, did not increase the excise duty thereby allowing oil companies to pass on the full benefit of fall in global prices to the consumers.
"We have taken no decision so far to hike excise duty on fuel.," said revenue secretary Hasmukh Adhia said at a press conference on Tuesday. Decision with respect to excise duty on fuel would be announced at an appropriate time, he added.