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Price of branded or premium petrol was today cut by over Rs 5 per litre after Finance Minister Arun Jaitley slashed excise duty on the fuel.

Central Excise duty on Branded Petrol was cut from Rs 7.50 per litre to Rs 2.35 per litre.

Branded petrol, which contains special performance enhancing additives, attracted higher duties than normal petrol.

The differential excise duty led to huge difference in price of normal and branded fuel, resulting in sales of the premium version dropping to almost nil.

The removal of excise duty would bring the two fuel at par.

BPCL's premium branded petrol - Speed - costs Rs 83.03 in Delhi while normal petrol is priced at Rs 73.55 a litre.