Petrol Goes Down by 32 Paise a Litre; Diesel Hikes by 28 Paise

The prices for petrol and diesel have been revised again with effect from fortnight. Petrol will now cost Rs. 59.63 for one litre, seeing a 32 paise relief in its price. Diesel, on the other hand, faces a 28 paise price hike due to which it will now be available at Rs. 44.96 per litre (both prices, New Delhi). As per the falling of prices of crude oil in the international market, the dip in prices for petrol should have been much higher. This is the sixth straight downfall in the prices of petrol, which went cheaper by 4 paise a liter in the previous price revision.

The official statement of Indian Oil Corporation on its official website says, “The current level of international product prices of petrol and diesel and Rupee-US dollar exchange rate warrant a decrease in prices, 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-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”

The Government is using the reduction in fuel prices to fill its deficit, at a time when the annual budget is just a few days away. It raised a whopping amount of Rs. 3,200 crores by raising the excise duty on petrol and diesel by Re. 1 and Re. 1.50 respectively. However, with the value of Indian rupee going weak against American Dollar, the country cannot enjoy the slash of prices to the extent it would have been.