Petrol price was on Sunday cut by 12 paise a litre and diesel rates by 14 paise as oil companies moderated rate reduction amid the fall in global prices to absorb the hike in excise duty on fuel by the Government.
Petrol in Delhi now costs Rs 69.75 per litre, while diesel is priced at Rs 62.44, according to a price notification of state-owned oil firms.
Delhi has the lowest fuel prices among metros because of lower state taxes.
Industry sources said the reduction in rates would have been higher but for the Rs 3 per litre increase in excise duty effected on Saturday.
Oil companies, they said, had been moderating reduction warranted in retail prices in anticipation of an excise duty hike.
