Petrol and Diesel Prices Slashed
Modified On Feb 02, 2016 11:34 AM By Sumit
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Petrol and diesel prices have been cut down by 4 paise and 3 paise per litre respectively, according to the fortnightly revision. The cut is credited to the declining price of oil in the global market. According to Indian Oil Corporation, petrol will cost Rs. 59.95 per litre while diesel will cost Rs. 44.68 in Delhi after the revision.
“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement. “The movement of prices in the international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the statement added.
The decrease in prices comes for the 5th time since December 1, 2015, as crude oil prices are falling. However, the prices have not fallen to that level as they should have, as the government has increased the excise duty on these fuels. While the duty on petrol was increased by Re. 1 per litre, effect on diesel was harsher as the duty was raised by Rs. 1.5 per litre. The excise duty has been raised in order to fulfill the fiscal deficit.
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