Fuel prices will come down from tomorrow with the central government cutting the excise duty on petrol and diesel. Finance Minister Nirmala Sitharaman today announced a record cut of Rs 8 per litre of petrol and Rs 6 per litre on diesel. The move comes a month after inflation surged to an eight-year high in April and is aimed at giving relief to consumers.
The excise duty hikes of 2020 had taken central taxes on petrol to their highest level of Rs 32.9 per ltire and that on diesel to Rs 31.8 a litre.
Saturday’s cut on excise duty will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre after taking into account its impact on other levies.
Currently, petrol is retailed at Rs 120.51 per litre in Mumbai, while diesel is sold at Rs 104.77.
From Sunday, the petrol price in Mumbai will fall to Rs 111.01 per litre, while diesel will cost Rs 97.77 per litre.
Petrol price in Delhi will cost Rs 95.91 a litre from tomorrow as against Rs 105.41 a litre currently while diesel will cost Rs 89.67 a litre as opposed to Rs 96.67 a litre now.
In Kolkata, the petrol price on Sunday will come down to Rs 105.62 a litre from Rs 115.12. Diesel price in Kolkata will fall to Rs 92.83 a litre.
Petrol price in Chennai will cost Rs 101.35 a litre from tomorrow as against Rs 110.85 currently while diesel will cost Rs 93.94 a litre as opposed to Rs 100.94 now.
Petrol and diesel prices are updated every day at 6 am. The new rates will come into effect from 6 am onwards on Sunday.