Petrol price cut Rs 3.02/litre; diesel costlier by Rs 1.47 -

29 Feb 2016    07:26 pm

 

Petrol price was on Monday cut by Rs 3.02 per litre, but diesel rates were hiked by Rs 1.47 a litre- the second increase this month in line with global trends.

Petrol in Delhi will cost Rs 56.61 per litre from midnight tonight as against Rs 59.63.

A litre of diesel, however, will cost Rs 46.43 a litre as compared to Rs 44.96 per litre, according to Indian Oil Corp (IOC), the nation’s largest fuel retailer.

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.

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.