In a major setback, fuel price slashed down substantially after two and half months.
The price of petrol has been reduced by Rs. 3.77 per litre while diesel by Rs. 2.91 per litre excluding State taxes.
Fuel prices were last modified on January 16, where petrol price was increased by 42 paise per litre, and diesel hiked by Rs 1.20 per litre.
Now petrol in Delhi will cost Rs Rs 66.29 per litre and diesel will cost Rs 55.61. While in Mumbai people have to pay Rs 72.66 for petrol and Rs Rs 61.27 for diesel.
The new rates were effective from yesterday midnight across the country.
Following the fuel price revision, state-run Indian Oil Corporation (IOC) stated in the notification “The current level of international product prices of petrol and diesel and INR-US 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.”