The fuel prices in India have fallen by Rs 6, since the highs it saw in January, owing to the global fall in crude oil prices which have fallen under the $30 a barrel mark for the first time since 2016.
In January, petrol and diesel prices had touched a year high when petrol was above Rs 76 in Delhi and diesel had crossed the Rs 69 mark. Since then, the prices of both petrol and diesel have fallen by more than Rs 6.
The fall in prices would have been higher but the Central government hiked the excise duty on petrol and diesel by Rs 3 per litre in a move to mop up gains arising from fall in oil prices globally.
Central Board of Indirect Taxes and Customs (CBIC) has notified the additional excise duty on petrol and diesel by Rs 1 each and special additional excise duty on the two fuels by Rs 2 each, effective Saturday.
The increase in excise duty will be adjusted against the fall in rates of international oil prices.
For today, a litre of petrol is priced at Rs 69.59 per litre and diesel at ₹62.29 per litre in Delhi. In Mumbai, petrol is selling at ₹75.30 per litre and diesel at ₹65.21 per litre.