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Petrol price cut by Rs.3.02 a litre, diesel hiked by Rs.1.47
Posted on: 01-03-2016 , 02:20:PM | DY365 Bureau

 1 March, 2016 - Petrol price was on Monday cut by Rs 3.02 , while diesel rates were hiked by Rs 1.47 a litre.This is the second hike this month in line with global trends. Petrol in Delhi will cost rs 56.61 per litre as against Rs 59.63. And diesel will cost Rs 46.43 a litre as compared to Rs 44.96 per litre,according to Indian Oil Corp (IOC).This is the 7th straight reduction in price of petrol.Petrol price was last cut on February 18 by 32 paisa a litre. On diesel, this is the second increase in rate this month. The price were hiked by 28 paisa a litre last time. Prior to that revision, fuel rates were revised on February 1 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.The government had raised excise duty on petrol by Re 1 a litre and that on diesel by Rs 1.50 to mop up additional Rs. 3,200 crore during the remainder of the current fiscal.“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.


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