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- Feb 23, 2024
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Indian Oil Corp has announced an increase in the prices of petrol and diesel effective from March 1st, 2015. In Delhi the price of petrol has been hiked by Rs 3.18 a litre and diesel prices have gone up by Rs 3.09 per litre.
The reason cited for this is said to be a steep increase in international crude prices.
In the recent past petrol prices had witnessed a steady decline. Since August 2014, petrol prices have been slashed close to ten times and diesel saw a reduction in price six times since October 2014. Brent crude prices have been nose diving from about $115 in June 2014 to close to $60 per barrel in December 2014.
Meanwhile, the government has raised excise duty on petrol and diesel twice to meet its fiscal deficit target of 4.1 per cent of gross domestic product (GDP) in this financial year. The two duty hikes are expected to generate additional revenue of about Rs 11,000 crore to the exchequer in the remainder of the financial year, government officials said.
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