Petrol price cut by 32 p/litre and diesel to cost 28 p/litre more from Mid night

Oil companies today announced the revised price for Petrol and Diesel. Petrol price was cut by 32 p/litre and Diesel price up by 28 p/litre more from Mid night. Diesel rates were hiked on the global trends.

According to Indian Oil Corp (IOC), Petrol in Delhi will cost Rs 59.63 per litre from midnight tonight as against Rs 59.95 a litre currently. A litre of diesel will cost Rs 44.96 a litre as compared to Rs 44.68 now.

Fuel rates were last revised on February 1, 2016 when petrol price was cut by a marginal 4 paise a litre and diesel by 3 paise a litre after the government raised excise duty to take away most of the benefit arising from fall in international oil prices. There was lot of critics from Public on this matter. Indian public is not getting any benefit of the fall in international oil price.

The Government had raised excise duty on petrol by Re 1 per litre and that on diesel by Rs 1.50 to mop up an additional Rs 3,200 crore during the remainder of the current fiscal.

This was the fifth hike in excise duty since November that cumulatively gave the government Rs 17,000 crore in additional revenue. The five levy hikes total to Rs 4.02 per litre on petrol and Rs 6.97 on diesel.

“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.

State-owned fuel retailers IOC , Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.

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