The advent of the new financial year has brought about a good news to all the people in India. Oil companies have cut down the price of petrol and diesel by Rs. 3.77 and Rs. 2.91. The decision has come after the fluctuation in crude oil price. The revised prices have been applicable from the midnight of April, 1, 2017.
Indian Oil Corp has claimed that the prices have been cut down by the above mentioned amount excluding the state levies. After taking into account the state levies, the decrease in the price is expected to be larger than the figures mentioned.
The oil corporation has also said that the condition of the international oil and the INR-USD exchange will continue to closely monitor the oil and fuel prices in the future as well.
This is the first revision of prices in two and half months. The previous revision was made on the 16th of January when the prices were hiked by 54 paisa and Rs. 1.2 respectively for petrol and diesel.