Petrol Prices Cut By Rs 1/Litre, Diesel By Rs 2

New Delhi: Petrol price was today cut by Rs 1 per litre while diesel rate was lowered by Rs 2 per litre. Revised prices will take effect from midnight.

Petrol in Delhi will now cost Rs 60.09 per litre, and diesel will cost Rs 50.27 a litre. Fuel prices were last revised on July 31, when the price of petrol price was lowered by Rs 1.42 a litre while that of diesel was reduced by Rs 2.01 per litre.

Petrol and diesel prices are deregulated in India, which means they are linked to market rates. State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuels on the first and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.

The rupee finished at 66.88 per dollar on Friday. The Indian currency has appreciated by 13 paise, or 0.2 percent, since last price revision.

Speaking on the issue, ICO said, “The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”

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