IBEF: May 16, 2017
New Delhi: Petrol prices in India have been slashed by Rs 2.16 (US$ 0.03) per litre and diesel by Rs 2.10 (US$ 0.03) per litre, effective from midnight May 16, 2017, driven by a marginal 2 paise per litre hike in petrol and 52 paise per litre hike in diesel rates effected from May 01, 2017. According to India's largest fuel retailer, Indian Oil Corp (IOC), actual reduction in fuel prices will be more after taking into account state levies. The IOC further stated that the movement of prices in the international oil market and rupee-dollar exchange rate has enabled the fuel price revision. Petrol price in Delhi would likely be reduced to Rs 65.32 ( US$ 1.01) per litre, from Rs 68.09 (US$ 1.06) currently, while diesel price will be reduced to Rs 54.90 (US$ 0.86) from Rs 57.35 (US$ 0.89) at present.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.