Indian crude up 19% since daily price revision but petrol up only 8%

Facing severe criticism, the government has slashed the excise duty on petrol and diesel by Rs 2 per litre, which is expected to bring down the retail selling prices of the two fuels.According to the government, the decision to reduce the "Basic Excise Duty" rate on petrol and diesel has been taken to cushion the impact of rise in international crude prices.

As per the Ministry of Petroleum and Natural Gas's calculations, the reduction in excise duty will decrease prices of petrol and diesel by Rs 2.50 and Rs 2.25 per litre respectively in New Delhi.

Currently, an excise duty