Petrol Price Down by Rs 2.42/Litre, Diesel by Rs 2.25/Litre

Petrol and diesel prices were cut on Friday as international oil prices slumped to nearly six-year lows. Petrol price was cut by Rs 2.42 per litre, while the price of diesel was reduced by Rs 2.25 per litre. This is the ninth straight reduction in petrol prices since August, and the fifth straight cut in diesel since October. Petrol and diesel prices were last cut by Rs 2 per litre each on December 15. Earlier on Friday, the government raised excise duty on petrol and diesel by Rs 2 per litre each again. The fourth excise duty hike since November will help raise additional revenue during the three months of the current fiscal year. On the last three occasions when excise duty was hiked, oil companies refrained from revising fuel prices despite cooling international crude rates. NDTV