Petrol Prices Slashed by Rs. 2 per litre
Just after the Delhi Government's decision to hike the VAT rates on petrol and diesel, the Centre slashed their basic prices by Rs. 2/litre each (excluding State levies). The new rates are effective from 16th July, 2015. Where the overall petrol prices in all other states have been reduced by around Rs. 2.5, it has been increased in Delhi by Rs. 0.28. This hike instead of reduction is a result of 5 percent increment in VAT, which was 20 percent earlier.
The change in retail selling prices in the four metros is given below:
| Rs./Litre | ||||
| Mumbai | Kolkata | Chennai | Delhi | |
| Petrol | (-) 2.55 | (-) 2.52 | (-) 2.55 | (+) 0.28 |
| Diesel | (-) 2.49 | (-) 2.00 | (-) 2.44 | (-) 0.50 |
Prices of Petrol and Diesel were last revised on 1st July, 2015. Since last price change, there has been a decrease in international prices of both Petrol & Diesel. INR-USD exchange rate has also appreciated during this period. Combined impacts of both these factors has led to the downward revisions.
The movement of prices in 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.
Naveen Soni
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