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

New Delhi, July 31: 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. 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. (IANS)