Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.<br /><br />The reduction would have been almost double but for the government also raising excise duty by Rs 2 per litre on both petrol and diesel today.<br /><br />This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October.<br /><br />New rates will be effective midnight tonight, Indian Oil Corp, the nation's largest fuel retailer, announced here.<br /><br />In Delhi, petrol will cost Rs 58.91 a litre, the lowest in 44 months, as compared to Rs 61.33 a litre now. Similarly, diesel will cost Rs 48.26 a litre in Delhi, the lowest since April 2013, as against Rs 50.51 currently.<br /><br />This is the fourth hike in excise duty since November and cumulatively customers have been denied the benefit of Rs 7.75 per litre reduction in petrol and Rs 6.50 a litre cut in diesel rates that was warranted due to the slump in oil price to USD 46 per barrel.<br /><br /><br />For More information on this news visit: http://www.itvnewsindia.com/<br />Connect with us on Social platform at: http://www.facebook.com/InformationTV<br />Subscribe to our You Tube channel: https://www.youtube.com/user/itvnewsindia
