Petrol price cut by 49 paise, diesel by Rs 1.21

Petrol prices cut by 49 paise per litre, diesel by Rs 1.21 a litre – the rates are effective midnight.

In the last round petrol price (28, Feb., 2015) was hiked by Rs 3.18 per litre and diesel by Rs 3.09, which was the second increase in rates in the month on rising international oil rates.

A litre of petrol in Delhi then cost Rs 60.49 as against Rs 57.31 currently while diesel cost rose to Rs 49.71 per litre as against Rs 46.62.

Prior to the increases in February, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014.

Cumulatively, petrol price had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October.

This trend was reversed when rates were raised on February 16.

Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.