Before the price cuts and pause, diesel prices had increased on 30 out of the last 51 days taking up its retail price by Rs 9.90 per litre in Delhi.Petrol prices have also risen on 28 of the previous 47 days taking up its pump price by Rs 8.85 per litre.Since January 1, petrol and diesel prices have risen by more than Rs 26 a litre before the duty cuts.The excise duty cut by the Centre on November 3 was first such exercise since the onset of Covid pandemic. In fact, government had revised excise duty on petrol and diesel sharply in March and again in May last year to mobilise a dditional resources for Covid relief measures.The excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between March 2020 and May 2020 and was standing high at Rs 31.8 on diesel and Rs 32.9 per litre on petrol before finally the Centre decided on duty cut.
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