Petrol price cut by Rs 3.02 per litre, diesel hiked by Rs 1.47 per litre

In line with global trends, PSU oil marketing companies (OMCs) have slashed price of petrol by Rs 3.02 per litre and have raised diesel rates by Rs 1.47 per litre. Revised prices will take effect from the midnight of February 29 and March 1. The revision in fuel prices comes on a day when Finance Minister Arun Jaitley presented a rural-focused Budget in Parliament.

Post the revision, the price of petrol in Delhi will be Rs 56.61 per litre as against Rs 59.63 currently, whereas a litre of diesel will cost Rs 46.43 per litre as against Rs 44.96. This is the seventh straight reduction in the price of petrol and the second price increase in case of diesel. In the last revision on February 17, the price of petrol was cut by 32 paise per litre and diesel rate was hiked by 28 paise a litre.

PSU oil marketing companies Indian Oil Corporation, Bharat Petroleum Corp and Hindustan Petroleum Corp revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rates in the previous fortnight. The oil companies have said that the movement of prices in the 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.