Petrol, diesel prices likely to come down from Wednesday

New Delhi Oct 3 (IANS) Prices of transportation fuels -- petrol and diesel -- are likely to come down on Wednesday in the wake of the government reducing the excise duty levied on both by Rs 2 per litre.

According to informed sources here the reduction in retail prices will "likely be reflected" from Wednesday morning.

The three state-owned oil marketing companies (OMCs) -- Indian Oil Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- revise prices of petrol and diesel on a daily basis and these are announced at 6.00 a.m.

Currently an excise duty component of Rs 21.48 per litre is levied upon petrol -- and consequent to the reduction in excise duty this will come down to Rs 19.48.

In case of diesel Rs 17.33 excise is charged per litre -- this will come down to Rs 15.33 per litre.

On October 3 Tuesday the retail selling price of petrol in New Delhi was pegged at Rs 70.88 while that for diesel was at Rs 59.14 per litre.

--IANS
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