Petrol price cut by Rs 2.43/litre, diesel by Rs 3.60

Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.

Petrol in Delhi will cost Rs 64.47 per litre instead of Rs 66.90 at present, while a litre of diesel will cost Rs 46.12 as against Rs 49.72 currently, Indian Oil Corp (IOC) said in a statement.

Petrol and diesel prices were last cut by Rs 2 per litre each, excluding local sales tax, from July 16 but consumers in Delhi were robbed of the benefit as Arvind Kejriwal government raised VAT on the two fuels.

As a result, petrol price in Delhi went up by 28 paise a litre after considering a local government decision to hike VAT or sales tax on the fuel from 20 to 25 per cent. Rates of diesel, on which VAT was raised from 12.5 per cent to 16.6 per cent, saw a smaller reduction of 50 paise per litre.

(Agency)