The finance minister today announced the Union Budget 2016-17 and a majority of displeasure was seen among the people in the auto industry. The budget called for a hike in taxes on certain types of vehicles based on the price slabs they fall in. But there is some some relief for motorists as the prices of petrol were reduced across the country.
While petrol saw a reduction of Rs. 3.02 per litre, diesel saw a rise in prices by Rs. 1.47. The new prices would be effective pan India with effect from midnight. Petrol would now cost Rs. 56.51 a litre in Delhi while diesel, on the other hand, would cost Rs. 46.43 per litre.
Indian Oil Corporation, one of the country’s largest retailers, said, “The current level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant decrease in price of Petrol and increase in price of Diesel, the impact of which is being passed on to the consumers with this price revision.”
Fuel prices last saw a change on February 17 when petrol prices were reduced by Rs. 0.32 per litre and diesel prices were increased by Rs. 0.28 per litre.