Home » FINANCE » Petrol Prices Cut by Rs.2.16, Diesel by 2.10 From Today (May 16, 2017)

Petrol Prices Cut by Rs.2.16, Diesel by 2.10 From Today (May 16, 2017)

Following the global lead in falling fuel prices, the petrol prices in the country will see more than Rs.2 cut after almost six months of steep hike in the domestic sale prices.

Beginning Monday midnight, the petrol prices were reduced by Rs.2.16 per litre and diesel by Rs.2.10 per litre. Last time on May 1, the prices were revised upwards by 2 paise per litre increase in petrol and 52 paise per litre.

However, these revised prices will not include state taxes including local VAT which will be charged extra and hence the variation of petrol prices from state to state. Taking Delhi as the yardstick, the price of petrol per litre will be Rs.65.32 a litre from Tuesday as against Rs.68.09. In Delhi, petrol will now cost Rs.54.90 as against Rs.57.35.

“The current level of international product prices of petrol and diesel and Rupee-Dollar 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,” said lead supplier Indian Oil Corporation in a statement.

The upward thrust of rupee value versus dollar has not only resulted in declining petrol prices but also made many IT companies cut jobs to absord the loss due to an appreciating rupee. However, another positive effect of a strong rupee will be the rise in foreign tourism at the cost of domestic tourism.

Visitn Bangkok or Singapore will be cheaper now than visiting Delhi or Manali now.

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