Following the announcement of the union budget 2016 in the parliament, revised fuel prices were also announced. Where the new prices favours the petrol heads with the petrol price was lowered by Rs 3.02 per litre, while the price of the diesel has been raised by Rs 1.47 per litre. The fuel price revision was in line with global trends and this the seventh straight reduction in the price of petrol and second price hike in case of diesel this month. On February 18, petrol price was last lowered by 32 paise per litre and price of diesel was increased by 28 paise a litre.
After this revision, petrol now cost Rs 56.61 per litre as against Rs 59.63 per litre in Delhi. While retail selling price of the diesel is increased by Rs 1.47 per litre that means diesel will now cost Rs 46.43 per litre instead of Rs. 44.96 per litre in Delhi (including State levies) with corresponding price revision in other States.
Speaking on the revised Prices, IOC said, “The current level of international product prices of Petrol & Diesel and INR-USD 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.”Adding to this, IOC also said, “The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”