(Image source from: Customers have been denied the benefit})

On Friday petrol price was cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after hike in excise duty, limited the benefit of global crude prices slumping to six-year low. The reduction was supposed be double but government raising excise duty by Rs 2 per litre on both petrol and diesel today.

This is the ninth time the reduction in petrol prices since August and fifth in diesel since October. New rates will be effective from midnight Indian Oil Corp, the nation's largest fuel retailer, announced.

Price of petrol in litre of current and previous in each metro city

Price of diesel in litre of current and previous in each metro city

Since November this the fourth hike in excise duty but however the normal customer is denied from the benefit of Rs 7.75 per litre reduction in petrol and Rs 6.50 a litre cut in diesel rates that because of guarantee slump in oil price to USD 46 per barrel.

The Finance Ministry notification said in that duty on unbranded petrol is being hiked to Rs 8.95 per litre and that on unbranded diesel to Rs 7.96 per litre.

Petrol and diesel prices were last cut on December 16 by Rs 2 per litre each.

AW: Arun Kumar