The cut in petrol prices comes on back of three successive increases since May, while this is the second reduction in diesel rates this month.
After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be available Rs 47.20 a litre.
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Prices of petrol in Delhi will be Rs 60 a litre from tomorrow as against the current Rs 60.49.
The third excise duty hike since November will help raise additional Rs 6,000 crore during the current fiscal.
The fall in fuel prices is in a direct connection to the slump in international oil prices.
Government raised excise duty on petrol and diesel by Rs 2.25 and Rs 1 a litre respectively…
Domestic diesel price could come on a par with international rates as early as next week.
“We stopped rise of prices and we slashed price of petrol by up to Rs 2.50. Our eyes are now on diesel,” said Rajnath.
In 2011-12, the cumulative income from VAT on petrol, diesel and CNG was Rs 5,561 crore.
‘Total expenditure proposed in budget estimates for 2014-15 including debt…’
Diesel price hikes may be dumped as Congress party looks to burnish its pro-people image.
The changes in fuel prices will be applicable with effect from Thursday midnight.
Diesel is currently being sold at a loss of Rs 14.50 per litre.