In Chennai, petrol and diesel retailed at Rs 85.04 per litre and Rs 77.73 per litre, respectively. In Bengaluru, petrol and diesel are being sold for Rs 82.46 per litre and Rs 73.90 per litre respectively.
On top of the excise duty cut, which will cost the exchequer Rs 21,000 crore in a full year, the government has asked oil marketing companies to share a burden of Re 1 per litre of fuel, which will result in under-recoveries.
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.