Economy

Petrol price slashed by ₹8.69, diesel by ₹7.05

PTI | | Updated on: May 22, 2022
Representative image

Representative image | Photo Credit: RAO GN

On Saturday, the government slashed excise duty on petrol and diesel to curb inflation

Petrol price on Sunday was slashed by ₹8.69 a litre and that of diesel by ₹7.05 per litre following the government's decision to cut excise duty on auto fuels, giving relief to consumers battered by high fuel prices that had pushed inflation to a record high.

On Saturday, the government announced a record ₹8 per litre cut in excise duty on petrol and a ₹6 reduction on diesel. The excise duty cut will translate into a reduction of ₹8.69 a litre on petrol in Delhi and ₹7.05 in diesel per litre after taking into account its impact on other levies.

Prices across different cities

Petrol in the national capital now costs ₹96.72 a litre as against ₹105.41 previously. Diesel is now priced at ₹89.62 per litre as opposed to ₹96.67 earlier, a price notification from state-owned fuel retailers showed. In Mumbai, petrol rates have been slashed to ₹111.35 a litre from ₹120.51 while diesel rates have come down to ₹97.28 per litre from ₹104.77.

Rates differ from State to State depending on incidence of local taxes such as VAT. Petrol now costs ₹106.03 a litre in Kolkata (earlier ₹115.12) and ₹102.63 in Chennai (previously ₹110.85). Diesel is priced at ₹92.76 a litre in Kolkata (previously ₹99.83) and ₹94.24 in Chennai (earlier ₹100.94).

Published on May 22, 2022
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