Modi Govt tries to cheer up middle class: Petrol prices slashed by Rs 3.02/litre

New Delhi, Feb 29: After middle class said it felt 'cheated' by the Modi government's Union Budget announcement on Monday, the government tried to 'cheer' the middle class up by steep cut of Rs 3.02 per litre in petrol prices.

But, on the contrary, diesel prices were hiked by by Rs 1.47, at Delhi, with corresponding changes in other states and effective midnight.

On a day when Finance Minister Arun Jaitley tabled a rural-centric union budget for the financial year of 2016-17, the state-run Indian Oil Corp moved in contrary directions on Monday and revised fuel rates.

After this revision, a litre of petrol will cost Rs. 56.61 litre in Delhi as against Rs. 59.63 per litre at present, whereas a litre of diesel will cost Rs. 46.43 instead of Rs. 44.96, Indian Oil Corporation (IOC) said.

"The current level of international product prices of Petrol & Diesel and rupee-dollar 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," said IOC, the country's largest fuel retailer.

Fuel prices were last revised on February 17 when petrol was made cheaper by 32 paise per litre whereas diesel was made more expensive by 28 paise per litre.

This move could be termed as Modi government's attempt to calm the angst of middle class which felt 'cheated' with the Union Budget announcement today for they feel there is not much for them in this budget.

OneIndia News