Petrol Prices Slashed in India by Rs. 3.02
Published On Feb 29, 2016 12:00 AM By Sameer Sheikh
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Right on the day of Union Budget 2016, Indian Oil Corporation has announced a cut in the petrol prices by Rs. 3.02 and a rise in diesel price by Rs. 1.47. These prices will come into effect from 1st of March 2016. After the revised prices petrol in Delhi will cost Rs. 56.61 against Rs. 59.63 while diesel will be priced at Rs. 46.43 per litre.
The fuel prices were last revised on February 17 when petrol price was reduced by 32 paise and the price of diesel was increased by 28 paise. Talking about the revision in price, Indian Oil Corporation (IOC) said, “The current level of international product prices of Petrol & Diesel and rupee-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.”
The fuel prices in India are linked to a market rate, which means Indian retailers like Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum revise their fuel price on 1st and 16th of every month depending on average oil price and foreign exchange rate.
