Due to the fluctuating international prices of the crude oil in international markets the prices of petrol and diesel keeps fluctuating in India the only difference here is the graph keeps climbing regardless of market situation elsewhere. Only the state of Goa is an exception to the price rise as the petrol is at its lowest in Goa due to the blessings of our ruling party, who had promised to cut the VAT down from the petrol if elected.
Following the recent price cuts of petroleum products twice government has decided to raise the prices of Petrol by Rs. 3.96 per liter and Diesel by Rs. 2.37 per liter respectively. The increase in the price will be effective from midnight tonight.
Based on the present hike the new prices of petrol in Delhi will be Rs. 63.16 a liter while Diesel will cost Rs. 49.57 said the officials of the Indian Oil Corp. (IOC) the nations largest oil company. The last rates cut were affected on 16th April 2015 reducing prices of the petrol by 80 paisa and diesel by 1.30 paisa respectably. This was followed by the reduction of prices on April 2nd 2015 in which government had reduced 49 paisa and 1.21 paisa respectively for petrol and diesel.
[pullquote-right]State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight[/pullquote-right]
Petrol prices had been cumulatively cut by Rs 17.11 a litre in 10 reductions between August and February and diesel by Rs 12.96 a litre in 6 reductions between October and February. The rates were increased by 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16, and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1st 2015.
According the IOC the State owned fuel retailers, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) they revise the petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight. “The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” IOC said.
