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The Union Budget 2016-17 announcements will leave several items for costlier for consumers, but public sector oil marketing companies have ensured petrol-car owners can refuel at cheaper rates from midnight February 29/March 1. However, diesel will become dearer.
On Monday, Indian Oil Corporation announced that retail selling price of petrol will be cut by ₹ 3.02 a litre in Delhi while the retail selling price of diesel will increase by ₹ 1.47 a litre. The prices indicated are for Delhi and include state levies. The change will vary from state to state depending on local taxes.
After the price change, petrol will cost ₹ 56.61 a litre in Delhi while diesel will cost ₹ 46.43 a litre.
“The current level of international product prices of petrol and diesel and the 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,” Indian Oil said in a statement.
It added that it will continue to monitor the international prices and rupee-dollar exchange rate and reflect relevant changes in future price corrections.
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