Last month, the Finance Minister of India announced the Union Budget 2016-17. The budget was not a favourite of the automotive industry and many were upset with the new tax structures. While the automobile manufacturers face palmed themselves, petrol heads had a reason to celebrate. The budget plan brought a slash in petrol prices. But little did they know that the gala was not long-lasting.
Indian Oil Corporation Ltd. has brought the party to an end by raising fuel prices due to the current level of international product prices of Petrol & Diesel and INR-USD exchange rate. The retail selling price of petrol is raised by INR 3.07 per litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Petrol in Delhi will become Rs. 59.68/litre. Similarly, the retail selling price of diesel has gone up by INR 1.90 per litre at Delhi, resulting the price to reach INR 48.33per litre. The price changes will effect from midnight of 16th March / 17th March 2016.
| Cities | Old Price (Petrol) | New Price (Petrol) |
| Delhi | 56.61 | 59.68 |
| Kolkata | 61.35 | 63.76 |
| Mumbai | 62.75 | 65.79 |
| Chennai | 56.07 | 59.13 |
| Cities | Old Price (Diesel) | New Price (Diesel) |
| Delhi | 46.43 | 48.33 |
| Kolkata | 49.14 | 50.75 |
| Mumbai | 53.06 | 55.06 |
| Chennai | 47.13 | 49.09 |
*Prices may vary from Outlet to Outlet within a city.