International Olympic Committee to cut diesel, petrol prices from Thursday

Price of petrol was last cut on July 1 by 31 paise per litre and diesel by 71 paise a litre.

While the reduction in the selling price of petrol and diesel is excluding state levies, Indian Oil Corporation, the country’s largest oil distributor said in a release.

Petrol and diesel prices in Delhi will go up by Rs.2.78 and Rs.1.83 per litre respectively from Thursday as the AAP government made a decision to increase the Value-Added Tax on them. Petrol is now priced at Rs.

Prices of petrol and diesel were last revised on 1 July 2015.

What this means is that even after a drop of Rs 2 per litre in petrol costs across India and Delhi actually hiking petrol costs, the fuel in Delhi is still the cheapest among the four metros. Prices are hiked or lowered according to global rates and the Rupee – US Dollar exchange rate.

The NSUI, student wing of the Congress party, also protested outside Kejriwal’s residence at Civil Lines and sought a rollback in the prices of petrol and diesel. However, fuel pump owners have called attention to the fact that unless Chandigarh raises tax on diesel, the northern states will not be able to amass the complete advantage of the uniform tax regime. “Had the government not been spending so much on publicity by earmarking Rs 526 crore for it, much-needed relief could have been provided to citizens”, said Vijender Gupta, leader of opposition, Delhi assembly. Combined impacts of both these factors warrant the said downward revisions, Indian Oil said.