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India: Petrol prices slashed by Rs 3.77, diesel by Rs 2.91

Petrol currently costs Rs 71.14 a litre in Delhi while diesel costs Rs 59.02 a litre. Prices vary from state to state. Photograph: (Zee News Network)

PTI New Delhi, Delhi, India Mar 31, 2017, 05.31 PM (IST)

The price of petrol has been cut by Rs 3.77 per litre and that of diesel by Rs 2.91 a litre, the first change in rates in two-and-a-half months.

State-owned oil firms cut rates with effect from midnight tonight. Petrol currently costs Rs 71.14 a litre in Delhi and Diesel is priced at Rs 59.02 per litre.

Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corp (IOC). Actual decrease will be larger after taking into account the local levies.

Similarly, diesel rate was cut by Rs 2.91, excluding state levies.

Rates were last revised on January 16 when price of petrol went up by 54 paise. On that date, diesel rates were hiked by Rs 1.20 a litre.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.

IOC said 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. 

But petrol price goes up in Goa

The petrol price in Goa will go up by almost Rs 5 per litre from midnight tonight.

The hike will be on account of an increase in value added tax (VAT) on the fuel announced in the budget presented in the assembly last week by the new BJP-led government.

The oil companies, which are selling petrol in Goa at an average price of Rs 60 per litre, will have to hike the rate by Rs 5 per due to an 8 per cent increase in VAT notified by the government.

The VAT on petrol has been raised from 7 per cent to 15 per cent from April 1.

"The price of petrol in the state would be around Rs 65 per litre," Paresh Joshi, President, All Goa Petrol Pump Dealers Association, told PTI.

There are a total of 110 petrol pumps run by oil PSUs in the coastal state. PTI 

(PTI)

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