Excise duty cut impact: Petrol price drops to Rs 101.35 in Chennai

CHENNAI: Finance Minister Nirmala Sitharaman on Saturday announced a reduction of taxes on petrol and diesel to fight inflation and keep prices of essential items in check. The excise duty on petrol was reduced by 8 rupees ($0.1028) per litre, and for diesel by 6 rupees per litre.

In Chennai, petrol price will cost ₹ 101.35 a litre from tomorrow for today's price at ₹ 110.85. Diesel ₹ 93.94 a litre for today's price ₹ 100.94.

Prices for petrol and diesel are updated at 6 am every day. The changes of the new prices will come into effect from 6 am on Sunday.

"We are reducing the Central excise duty on Petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre. It will have revenue implication of around Rs 1 lakh crore/year for the government," Sitharaman said.

"It is always people first for us! Today's decisions, especially the one relating to a significant drop in petrol and diesel prices will positively impact various sectors, provide relief to our citizens and further 'Ease of Living'," PM Modi said in a tweet.

Check today's fuel rates across other metro cities:

• Chennai: Rs 110.85 per litre for petrol and diesel stand at Rs 100.94.

• New Delhi: Rs 105.41 per litre for petrol and diesel at Rs 96.67.

• Mumbai City: Rs 120.51 per litre for petrol and diesel at Rs 104.77.

• Kolkata: Rs. 115.12 per litre for petrol and diesel at Rs 99.83.