With skyrocketing prices across commodities, the Centre on Saturday took a slew of measures, including cutting excise duty on petrol and diesel.
While the excise duty on petrol was cut by Rs 8 per litre, on diesel, it was reduced by Rs 6 per litre. The move will make pump prices of petrol lower by Rs 9.50 per litre and diesel by Rs 7 a litre, said Finance Minister Nirmala Sitharaman.
In the past two months, however, petrol prices have been hiked by Rs 10 per litre.
The excise duty cut will translate into a reduction of Rs 8.69 a litre on petrol in Delhi and Rs 7.05 per litre in diesel after taking into account its impact on other levies.
Petrol in the national capital now costs Rs 96.72 a litre as against Rs 105.41 previously. Diesel is now priced at Rs 89.62 per litre as opposed to Rs 96.67 earlier.
In Mumbai, petrol rates have been slashed to Rs 111.35 a litre from Rs 120.51, while diesel rates have come down to Rs 97.28 per litre from Rs 104.77.
In Bengaluru, petrol now costs Rs 101.94, down from Rs 111.09 a litre, while diesel is priced at Rs 87.89 from the previous Rs 94.79/ litre.
Petrol now costs Rs 106.03 a litre in Kolkata (earlier Rs 115.12) and Rs 102.63 in Chennai (previously Rs 110.85). Diesel is priced at Rs 92.76 a litre in Kolkata (previously Rs 99.83) and Rs 94.24 in Chennai (earlier Rs 100.94).
Rates differ from state to state depending on incidence of local taxes such as VAT.re.
After the latest excise cut, the incidence of central tax on petrol will come down to Rs 19.9 a litre and that on diesel to Rs 15.8 per litre.
Brent - the world's most known crude benchmark - was at $112.55 per barrel on Sunday.
(With agency inputs)