Moneycontrol News
The Centre's decision to cut excise duty on petrol and diesel has brought in some relief to consumers battling rising fuel prices since August. On Friday, petrol prices fell Rs 4.37 per litre to Rs 86.97 in Mumbai. Diesel prices in the city too fell Rs 2.65 a litre to Rs 77.45, according to a price listing on Indian Oil Corporation (IOC) .
In Delhi, petrol prices dropped Rs 2.50 per litre to Rs 81.50. A litre of diesel in the national capital now retails at Rs 74.75, down Rs 1.80. Petrol and diesel dropped Rs 2.62 and Rs 2.67 in Chennai to Rs 84.71 and Rs 77.12 per litre, respectively.
In Kolkata, the price of petrol now stands at Rs 85.80 per litre, down Rs 2.45, while diesel dropped Rs 2.50 to Rs 77.30 per litre.
Finance Minister Arun Jaitley said on October 4 the Centre will bear the burden of Rs 1.50 per litre, while oil marketing companies (OMCs) will absorb another Re 1 in cost, bringing the total benefit to consumers to Rs 2.50. He also said that the Centre has requested the states to carry out a similar cut on the local taxes on fuel.
| City | Petrol price | Price change (decrease) | Diesel price | Price change (decrease) |
| (Rs/litre | (in Rupees) | (Rs/litre) | (in Rupees) | |
| Bengaluru | 82.14 | 2.53 | 73.32 | 2.52 |
| Bhopal | 84.69 | 5.10 | 74.33 | 5.17 |
| Hyderabad | 86.40 | 2.66 | 79.35 | 2.72 |
| Lucknow | 78.95 | 4.35 | 71.00 | 4.58 |
| Port Blair | 70.14 | 2.09 | 68.27 | 1.52 |
Several states positively responded to the Centre's request, with Gujarat, Madhya Pradesh, Himachal Pradesh, Jharkhand, Uttarakhand, Assam, Haryana, Goa, Uttar Pradesh and Tripura announcing a cut on local taxes on petrol diesel by Rs 2.50. Maharashtra has chosen to carry out the Rs 2.50 cut in local taxes on petrol prices only. The states of Kerala and Karnataka refused to match the Centre's tax cuts. Others are yet to respond.
Also read: Maharashtra, Gujarat cut fuel prices by Rs 2.50; Kerala, Karnataka refuse
Before the price cuts, the petrol price has risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August, which was the highest in any six-week duration after the daily price revision was introduced in mid-June last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
