It's the first time since two months that the government has issued a price cut on petrol and diesel rates. The last time the prices were increased was by January 16 , when the prices of petrol went up by 54 paise and diesel was up by 1.20 rupees.
"The current level of international product prices of petrol and diesel and INR-USD 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," IOC said in a statement.
Owing to that , the petrol prices have been cut down to Rs 3.77 per litre and diesel prices have been cut down by Rs 2.91 per litre. This is devoid of any state levies and thus the rate may be further reduced after taking into account the local levies.
This price cut has been amended after the Supreme Court banned the production and sales of BS-III range of vehicles. Thus , motorcycles were offered for huge discounts on their base price and bike enthusiasts have grabbed upon the opportunity offered to them. Now , this would be a double bonanza.
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