On Tuesday, petrol price in Delhi was Rs 82.41 per litre.
Even before the excise duty cut, Rajasthan, West Bengal, Karnataka, Kerala and Andhra Pradesh had last month reduced Value-Added Tax to cushion consumers for a spate of price increases. Diesel costs Rs 75.58 in Delhi, 79.24 in Mumbai, Rs 79.93 in Chennai and Rs 77.43 in Kolkata. "The Centre had cut diesel rates by Rs 2.50 and other states have cut additional Rs 2.50 per litre on diesel". A litre of diesel was sold at Rs 75.47 per litre. US West Texas Intermediate crude for October delivery was up 12 cents, or 0.2 per cent, at $69.87 a barrel by 0413 GMT or 9:43 am IST, after falling 3 per cent in the previous session to settle below $70 for the first time in a month, according to a report by news agency Reuters. Brent had earlier this month hit a four-year high of Dollars 86.74 a barrel. In Mumbai, a litre of petrol costs Rs 88.08. State-run oil retailers decreased the price of petrol by 21 paise and that of diesel by 13 paise. Prices of petrol were slashed by 21 paise in Delhi, Mumbai and others parts of the country.
The reduction in excise duty and OMCs absorbing some prices had led to a drop in the price of petrol from a record high of Rs 84 per litre to Rs 81.50 in Delhi and that of diesel from an all-time high of Rs 75.45 to Rs 72.95 a litre on October 5.
The prices had last decreased on October 5, when the Centre reduced the excise duty by Rs 1.50 and said that oil marketing companies would absorb Re 1 per litre.
They were later joined by Chhattisgarh, Jharkhand, Tripura, Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Haryana, Assam, Uttarakhand, Goa, Arunachal Pradesh and Bihar with similar moves.
Maharashtra, however, reduced Value-Added Tax only on petrol and not on diesel.
Even before the excise duty cut, Rajasthan, West Bengal, Karnataka, Kerala and Andhra Pradesh had last month reduced Value-Added Tax to cushion consumers for a spate of price increases. The price of diesel declined from Rs 77.54 per litre to Rs 77.43.
The prices of fuels on October 16 and October 17 remained constant.
Prior to October 5 cut, petrol price had risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August.