Petrol cheaper by a mere 4 Paise, Diesel by 3 Paise!

Petrol prices slipped a mere 4 Paise a litre and Diesel by 3 Paise a litre. This happened as the government raised excise duty to deny consumers the edge of falling global oil prices.

After this, Petrol in Delhi would sell for Rs 59.95 every litre as against Rs 59.99 earlier. Diesel will sell at Rs 44.68 every litre as compared to Rs 44.71 previously, according to Indian Oil Corp (IOC).

The reduction should have been Rs 1.04 per litre in Petrol and Rs 1.53 in Diesel because of a $4 per barrel fall in international rates in the last fortnight. However, the government on the eve of the due price revision on Sunday raised excise duty on Petrol by Re 1 per litre and that on Diesel by Rs 1.50.

Image credit: Indiatimes