NEW DELHI (Staff Report) – Indian Oil Corporation (IOC) has announced a reduction of up to INRs 1.21 per litre in the prices of petroleum products contrary to its neighboring country Pakistan where a price hike of up to Rs 4.0 per litre has been called in on the same day (Tuesday).
The prices of petrol and diesel were cut by INR 0.49 and INR 1.21 per litre respectively, according to the notification issued by Indian officials. The decline in the prices is a result of decreasing international oil rates, said the authorities.
However the authorities in Pakistan have announced an increase of Rs 3.0 and Rs 4.0 in the prices of diesel and petrol.
It may also be noted here that INR 1 is equal to Rs 1.64 if converted, which means that India has announced a price cut of at least Rs 2.0 per litre.
Earlier Pakistan had kept the prices unchanged on March 1, but the sales tax against the petroleum products was raised up to 27%.
