Petrol price slashed by Rs. 3; diesel increased by Rs. 1.47

Bringing some good news for petrol car owners, Indian Oil Corporation has slashed the prices of petrol by Rs. 3 per litre. However, at the same time, diesel owners get a reason to be sad, as the prices are hiked by Rs. 1.47.

After the revision, petrol will cost Rs. 56.61 per litre in Delhi as compared to present price of Rs. 59.63. Diesel, on the other hand, will now cost Rs. 46.43/litre as compared to the current rate of Rs. 44.96. The rates will ply from today, midnight. Petrol prices have been slashed for an impressive, seventh time straight. Though prices of diesel have not been treated so kindly.

While the consumer price of fuels have been decreasing, government has not been reluctant in increasing the excise duty on the same. This is the fifth hike by the government, which has generated Rs. 17,000 crore as additional revenue.

“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in price of petrol and increase in price of diesel, 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,” IOC added.

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