Petrol price slashed by 49 paise and diesel by Rs 1.21 per litre

The prices of the petrol and diesel have been slashed by 49 paise per litre and Rs 1.21 per litre respectively. The government has taken this decision due to decrease in international crude prices.

These new rates will be effective from midnight today. Last time the government increased the fuel prices was on February 28, soon after the annual budget was presented. While this development was questioned by many experts, the government had to increase the price due to the rise in international crude prices. Cumulatively, petrol prices had been cut by Rs 17.11 per litre in 10 reductions since August and diesel by Rs 12.96 a litre since its deregulation in October.

“The international prices of both petrol and diesel have declined. The rupee-U.S. dollar exchange rate has, however, depreciated. The impact of both these factors warrants decrease in retail selling prices of both petrol and diesel,” said IOC in a statement.