Petrol Price to drop and Diesel Price to hike up

The Latest update from the Petroleum Department says that there will be price cutoff in the petrol. The good news is that Petrol Price to drop by rupees 3.02 per litre on Monday. But the Diesel price hiked by rupees 1.47 per litre. The revised prices will be applied from the mid night of February 29 2016 and 1st march 2016 .

This drop and raise of the fuel price has been implemented as the Finance Minister Arun Jaitley given budget in parliament. As per the today, price of the petrol is Rs.59.63. Price of diesel is Rs. 44.96. After the revision of prices, the petrol  cost in India capital, Delhi will be Rs. 56.61 litre and the diesel price will be 46.43.Petrol Price to drop and Diesel Price to hike up

The Indian Oil Corporation ( IOC) said, ” The current level of international product prices of petrol and 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 movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.” IOC said.

Indian Oil Corporation also added that “The crude oil price increased on average compared to the previous pricing period mainly due to rumors that organisation of  might cut production,”. “The rand had also strengthened against the US dollar on average when compared to previous period.”

This is the best news in the recent times. More than 3/4th of the Indian population use Petrol everyday. The petrol consumers are happy with the massive decrease in the petrol.This is the 7th time reduction in price of the petrol after the government formation. The cut in the petrol was last made on February 18 2016. So we can say that the government is seriously trying to get down the petrol rates for the Consumers benefit. However the Diesel rate has been increased. This is second time increase in Diesel price in this month. The price was hiked by 28 paisa per litre last time and now it is hiked up with 1.47 rupees.If this reduction scale continues then we can reach the lowest price. The Effective Price will be Implements from Monday Mid Night i.e 1-03-2016.