Petrol prices in India News

Fuel prices across India rose for the twelfth consecutive day burning a hole in the common commuter’s pocket. As the heat of rising fuel prices is increasing, opposition is also attacking the current government. Many political leaders, including Prime Minister Narendra Modi, have spoken on the issue.

A large proportion of oil imported by India comes from Iran but following US sanctions on Tehran, this is expected to go down significantly.

The government this week cut excise duty by Rs 2 per litre as part of efforts to reduce the prices of petrol and diesel.

PSU oil companies have deferred a planned Rs 2.26 a litre hike in petrol and Rs 1.78 increase in diesel.

Petrol will cost Rs 64.05 a litre as against Rs 63.47.

Know the new prices of petrol and diesel in major Indian cities applicable from midnight of August 31, 2016 and September 01, 2016.

Petrol will now cost Rs 63.47 a litre in Delhi from Thursday as compared to Rs 60.09 a litre currently, said Indian Oil Corp (IOC). The price of diesel will cost Rs 52.94 per litre as against Rs 50.27.

Know the new rates of petrol in major Indian cities.

Petrol will cost Rs 62.51 a litre in Delhi from July 16 as compared to Rs 64.76 per litre.

After the fourth reduction in rates in six weeks, petrol in Delhi will cost Rs 59.03 per litre.

Petrol and diesel prices are set to cost more as government is likely to hike  excise duty on petrol and diesel before March for boosting revenue and meet its fiscal deficit target.