Petrol price cut by Rs 5.7-6.35, diesel by Rs 11.16-12.88 across country

NEW DELHI: Petrol price on Thursday was cut in the range of Rs 5.7 to Rs 6.35 per litre across the country and diesel rates by Rs 11.16 to Rs 12.88 as oil companies passed on a record reduction in excise duty rates to consumers.
Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices.
Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the Centre, the total incidence of price reduction is higher. The reduction was larger in states with higher VAT.