Indian Oil Corporation Petrol Diesel price decreased
Indian Oil Corporation Petrol Diesel price decreasedReuters file

Within hours of the presentation of Budget 2016-17 by Finance Minister Arun Jaitley, here comes the good news for petrol vehicle owners: prices are down by Rs 3.02 per litre. Diesel prices on the other hand, have been hiked by 1.47 per litre, according to IndianOil Corporation.

The non-subsidised LPG cylinder will now be cheaper by Rs 62.

Subsidised LPG cylinders will now cost Rs 419.13 in Delhi, as against Rs 419.22 earlier. Non-subsidised LPG cylinder will cost Rs 513.50, as against Rs 575 earlier.

Non-branded petrol will now cost Rs 56.61 in Delhi (earlier Rs 59.63), Rs 62.32 in Kolkata, Rs 62.75 in Mumbai and Rs 56.08 in Chennai.

In Delhi, the retail price of Rs 59.63 included VAT @ 27 percent amounting to Rs 12.68, dealer commission Rs 2.25 and excise duty of Rs 21.48.  

Non-branded diesel will cost Rs 46.43 in Delhi (earlier Rs 44.96) and Rs 53.06 in Mumbai.

The retail price of Rs 44.96 included VAT of Rs 7.11, dealer commission Rs 1.43 and excise duty Rs 17.33, according to Indian Oil Corporation.

The revised prices will be effective from midnight of Feb. 29, 2016, and March 1, 2016, it said.

"The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant decrease in price of Petrol and increase in price of Diesel, the impact of which is being passed on to the consumers with this price revision," the company said in a press release on Monday.

"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," it added.

The prices were last revised with effect from Feb.18, 2016. The previous revisions were on Feb.1, Jan. 16 and Jan. 1, 2016. 

Petrol and diesel are sold at deregulated prices in India.

ATF prices have been raised from Rs 35,126.82 per kilo litre to Rs 39,301.31 per kilo litre in Delhi, IOC said.