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NEW DELHI : Oil marketing companies (OMCs) kept the prices of petrol and diesel unchanged on Monday. The price of petrol in Delhi now is 96.72 per litre, while diesel is being sold for 89.62 a litre.

Prices had fallen on Sunday in line with an excise duty cut. A further decline in retail prices is unlikely as crude oil prices are still elevated and OMCs have accumulated under-recoveries, analysts said.

On Saturday, finance minister Nirmala Sitharaman had announced the reduction in central excise duty on petrol by 8 per litre and on diesel by 6 per litre.

“This will reduce the price of petrol by 9.5 per litre and of diesel by 7 per litre," she said in a series a tweets. The cut in excise duty will have a revenue implication of around 1 trillion per year for the government, Sitharaman said.

Several state governments including those of Kerala, Odisha, Maharashtra, and Karnataka have lower their respective value added taxes, following the Centre’s move.

Petrol and diesel prices across the country were largely unchanged since the previous price hike in 6 April. Prices were steady till 21 May, after increasing by 10 during 22 March-6 April.

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