Petrol and diesel prices have held steady for over three weeks, according to a price notification by fuel retailers. Fuel prices have remained unchanged ever since the government on May 21 announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre.
The cut translated into a reduction of Rs 9.5 a litre for petrol in Delhi and Rs 7 a litre for diesel. Petrol in Delhi now costs Rs 96.72 a litre as against Rs 105.41 a litre before, while diesel costs Rs 89.62 a litre as opposed to Rs 96.67 earlier.
In Mumbai, one litre of petrol costs R s 111.35 and diesel Rs 97.28.In Chennai, petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre, respectively. In Kolkata, petrol is Rs 106.03, and diesel is Rs 92.76 per litre.
Oil marketing companies are passing on the excise duty cut to consumers despite incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its oil needs through imports.