After almost two-and-a-half-months, Stat-owned oil firms announced the fuel cut rates with effect from 1st April 2017. The cut in rates is Rs 3.77 per litre for Petrol and Rs 2.91 per litre for Diesel. The current rates for Petrol cost Rs 71.14 a litre in Delhi and Diesel priced at Rs 59.02 per litre excluding state levies. After this rate cut, the petrol will cost Rs 66.29 in Delhi and Diesel will cost Rs 55.61 excluding state levies. Hence consumers will notice a significant amount drop and it sounds to be good news for consumers.
The prime reasons for this reduction in rates is said to be the proceedings in International Oil Market and Rupee-Dollar Exchange rate. IOC team has confirmed to keep a close eye on the market and further trends will be reflected in future price changes.