This was also the first time since January that petrol prices fell below the Rs 70-litre mark, according to data on the Indian Oil Corp' website. The previous low of petrol price in the national capital for 2018 was Rs 69.97 recorded on January 4.
Banerjee was reacting to the Centre's announcement of a Rs 2.50-per-litre cut in petrol and diesel prices by reducing the excise duty by Rs 1.50 a litre and asking oil companies to absorb another Re 1.
The central government has used excise duty on fuel nine times between November 2014 and January 2016 to improve its finances thanks to the fall in global oil prices. The only time it cut excise duty was in October 2017.
Fuel price hike: Among the other cities, a litre of petrol costs Rs 85.65 in Kolkata, Rs 87.18 in Chennai, Rs77.34 in Panjim. Diesel, on the other hand, is retailing at Rs 77.10/litre in Kolkata, at Rs 79.57/litre in Chennai, Rs 76.68/litre in Panjim.
Fuel price reduction: The reductions come on the back of softening of international oil rates and the rupee gaining against the US dollar. Prices vary from state-to-state depending on local sales tax or VAT.