Petrol and Diesel rates slashes more than 2 Rs

 State-run fuel retailers on Tuesday reduced petrol price by Rs 2.42 per litre and diesel by Rs 2.25, but the motor fuels still remain costlier than jet fuel — which costs Rs 46.51 per litre in Delhi — due to four consecutive hikes in excise duty. 

Petrol in the capital will cost Rs 56.49 from Wednesday, down from Rs 58.91, and diesel Rs 46.01, against the earlier rate of Rs 48.26. 

Tuesday's revision marks the tenth straight cut in petrol since last August and sixth in diesel rates since October. The petrol price is lowest since September 2010, while diesel is cheapest since March 2013. 

The sharp reductions come three days before Delhi goes to polls. The retailers normally announce revision in rates on the 14th and last day of each month. This time, however, they took two more days to do so. No reason was given. 

Even after the reduction, the retailers are making a margin of Rs 4 a litre on petrol and about Rs 3.6 per litre on diesel which they want to use for recouping inventory losses.