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Petrol price cut by Rs 3.77 a litre, diesel prices down by Rs 2.91per litre

No, it is not an April fool joke. This is for real. Some good news for the people of India. The diesel and petrol price has fallen. The price of petrol in the country is down by Rs 3.77 per litre and that of diesel by Rs 2.91 a litre. The Public Sector Oil Marketing Company, Indian Oil has announced to reduce the retail price of petrol and diesel. The reduced rates will be effective from midnight. Currently, petrol is sold at Rs 71.14 a litre in Delhi and the price of Diesel is Rs 59.02 per litre. This is the first time that diesel and petrol price have changed in two-and-a-half months.

Indian Oil Corp (IOC) told that the cut-price excludes state tax and after taking into account the local tax the actual decrease will be larger. This is same for petrol and diesel.

When the last time the rates were revised, the petrol rates were hiked up by 54 paise per litre and diesel by 1.20 a litre.

The decrease in diesel and petrol price is due to the fluctuations in the prices of crude oil. There has been a continuous swing between the push and pull from rising US stockpiles on one side and coordinated output cuts by major producers, on the other.

Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporationwhich are three state-run oil marketing firms review fuel prices from time to time on the basis of average international price in the previous fortnight. They revise the prices in every two weeks. They do it on 1st and 16th date of every month.

Back in November, the major oil producing companies in the world and OPEC (Organisation of Petroleum Exporting Companies) had agreed to trim output in a bid to balance the market so that the prices could come down. OPEC consists of a group of 13 oil producing nations, had made an agreement on November 30 that they will cut global crude oil output by 1.2 million barrels per day.

However, the petrol price in the state of Goa will go up by about Rs 5 per litre from midnight. This increase in the price is because of the increase in value added tax (VAT) on the fuel which the new BJP-led government announced in the budget presented in the assembly last week. The VAT in the state has increased by 8 percent. The government has raised the VAT from 7 per cent to 15 per cent. Currently, the petrol in Goa is sold at Rs 60 a litre but the added tax will make it Rs 65 per litre starting from April 1st.

The price of brent crude oil has fallen 53 cents to $52.43 per barrel on Wednesday. Indian basket of crude oil price has risen from $53.05 per barrel to $53.7 per barrel. In the recent trading sessions, the Indian Rupee has strengthened against the US Dollar. This has taken some pressure off Indian oil market.

Udti Khabar is a Online News and Multi Writing Magazine and Providing news and updates of world about Politics, Latest Sports, Bollywood, Business, Fashion Technology and Reviews.

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