Petrol cut by Rs 1.42 a litre, diesel by Rs 2.01

New Delhi, July 31 (IANS) Amid the recent fluctuation in global oil prices, state-run Indian Oil Corp (IOC) cut the price of transport fuels on Sunday effective from midnight, of petrol by Rs 1.42 a litre and of diesel by Rs 2.01, both at Delhi, with corresponding decrease in other states.

Making its previous fortnightly revision in fuel prices on July 16, IOC had cut petrol by Rs 2.25 a litre and diesel by Rs 42 paise, both at Delhi.

Petrol per litre from Monday will cost Rs 61.09 in Delhi, Rs 64.97 in Kolkata, Rs 65.70 in Mumbai and Rs 60.65 in Chennai.

Similarly, diesel will cost Rs 52.27 in Delhi, Rs 54.57 in Kolkata, Rs 57.47 in Mumbai and Rs 53.73 in Chennai.

The Indian basket of crude oils closed trade on Thursday at $40.81 a barrel, lower than $41.63 on previous day, as per official data.

Meanwhile, parliament was informed earlier this week that nine excise duty hikes over a span of few months helped the government almost triple its excise earnings from petrol and diesel to about Rs 70,000 crore during 2015-16.