Petrol price cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre

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New Delhi, Jan 16 (ANI): Oil marketing companies on Friday cut petrol prices by Rs 2.42 while it cut diesel price by Rs 2.25 per litre. Meanwhile, the government raised the excise duties on petrol and diesel by Rs 2 a litre. Retail pump rates will remain unchanged as the increase in excise duty neutralises the cut in petrol and diesel prices warranted from crude oil price slumping to about USD 46 per barrel. The increase, the fourth since Prime Minister Narendra Modi lifted diesel price controls in October’ seeks to cash in on lower world oil prices to bolster strained government finances without stoking inflation. The Finance Ministry notification said the excise duty hike will be effective from midnight tonight.

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