West Bengal to cut petrol, diesel prices by 1 rupee per litre

West Bengal Chief Minister Mamata Banerjee on Tuesday said her government will slash the prices of petrol and diesel by one rupee per litre.

She also urged the Centre to reduce the cess on fuel prices.

"For the time being, we have decided to slash one rupee for each litre of petrol and diesel. We also demand that the central government consider cutting down the cess on diesel and petrol prices," Banerjee told reporters at the state secretariat.

The Trinamool Congress (TMC) supremo alleged that the BJP-led central government hiked excise duty nine times, even when the global crude prices were falling.

"Our government has never increased the sales tax or cess during all these years," she said.

Meanwhile, crude oil futures fell 0.39 per cent to Rs 4,897 per barrel Tuesday as participants locked-in gains at current levels even as it strengthened in Asian trade.

Crude oil for delivery in the current month was trading lower by Rs 19, or 0.39 per cent, at Rs 4,897 per barrel, with a business volume of 795 lots at the Multi Commodity Exchange (MCX).

Also, oil prices for October delivery were down by Rs 16, or 0.32 per cent, lower at Rs 4,910 per barrel, with a business volume of 29 lots.

Analysts said the fall in crude oil futures is mostly due to profit-booking at existing levels by participants but a firm trend overseas, supported by looming US sanctions against Iran's petroleum industry, capped the losses.

Globally, West Texas Intermediate rose 5 cents, or 0.07 per cent, to USD 67.59 while Brent was trading up by 14 cents, or 0.18 per cent, to USD 77.51 a barrel on the New York Mercantile Exchange.