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Petrol, Diesel rates decline; hike in excise duty

Prices of petrol and diesel decreased by 32 paise per litre and 85 paise per litre respectively on Friday despite the hike in excise duty on both the fuels by the government.

The reduction in the prices is much lower than what crude oil prices had warranted which fell to below USD 30 per barrel. Government took the benefit and hiked the excise duty on petrol by 75 paise per litre and on diesel by Rs 2.

This was the fourth reduction made in six weeks. According to the Indian Oil Corp (IOC), petrol in Delhi will now cost Rs 59.03 per litre as against Rs 59.35 per litre and diesel will cost Rs 44.18 as against Rs 45.03.

The excise duty was hiked for the second time this month and would net government an additional Rs 3,700 crore during the remainder of the fiscal year ending March 31.

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