The petrol price was cut today by Rs 1.46 a litre, a decrease after six consecutive increases since September. The new petrol price, effective midnight, will be Rs 66.16 in New Delhi. The price of diesel was also cut by Rs 1.53 per litre, a decrease after three consecutive increases. The new price of diesel also effective midnight, will be Rs 54.88 in New Delhi.
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The last change in petrol price was a by Rs 0.89 per litre and diesel was raised by Rs 0.86 paise a litre. The previous hikes had totaled to Rs 7.53 per litre in just over two months. In case of diesel, the three price increases totaled to Rs 3.90 a litre.
The reduction in rates announced by Indian Oil Corporation, the nation’s biggest fuel retailer, is excluding state levies (VAT) and the actual cut will be higher after considering them. Petrol in Delhi will cost Rs 65.93 a litre, Rs 1.69 lower than Rs 67.62 currently. Similarly, a litre of diesel will cost Rs 54.71, Rs 1.7 lower than Rs 56.41 currently.The reduction in petrol price comes after six increases since September while in the case of diesel, it reverses three hikes of last month. In the six hikes, petrol price had gone up by Rs 7.53 per
The petrol price cut comes after six hikes since September. For diesel, it reverses three hikes of the past month. In the six hikes, petrol price had gone up by Rs 7.53 per litre in just over two months, while the three price increases totalled Rs 3.90 a litre for diesel.
“The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision,” IOC said in a statement. IOC said the movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.