The Government has decided to reduce the central excise duty on Petrol and Diesel by Rs 2 per Litre effective from the October 4, 2017. This measure would help reducing the prices of Petrol and Diesel and giving relief to consumers. In the past few weeks, the prices of Petrol and Diesel have been rising due to increase in their prices in the international market. The retail selling prices of Petrol and Diesel have touched Rs 70.88 per/ litre and Rs 59.14 per litre respectively at Delhi on October 3, 2017. As a result of reduction in excise duty, the decrease in prices of Petrol and Diesel will be Rs 2.50 per litre and Rs 2.25 per litre respectively at Delhi. The Government is monitoring the developments in the prices of Petrol and Diesel in the international as well as domestic market. In view of coming agricultural season – harvesting of Kharif crops and sowing of Rabi crops; and in the interest of consumers, the Prime Minister Shri Narendra Modi has taken the decision for giving relief to the farmers and consumers in general. The Government stands committed to take all necessary steps to protect the wellbeing of consumers in the country. State Governments are also being requested to make reduction in VAT imposed by them on Petrol and Diesel so as to give more relief to consumers.

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 55.36 per barrel (bbl) on 2.10.2017. This was lower than the price of US$ 55.94 per bbl on previous publishing day of 29.09.2017.
In rupee terms, the price of Indian Basket decreased to Rs. 3617.76 per bbl on 2.10.2017 as compared to Rs. 3656.18 per bbl on 29.09.2017. Rupee closed unchanged at Rs. 65.36 per US$ on 2.10.2017 as compared per US$ on 29.09.2017. The table below gives details in this regard:
Price on October 2, 2017 (Previous trading day i.e. 29.09.2017)
Crude Oil (Indian Basket)
             55.36          (55.94)
            3617.76       (3656.18)
Exchange Rate
             65.36          (65.36)


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