Petrol price cut 32 paise per litre; diesel slashed 85 paise

Oil ministry says prices have been cut 20 times to bring a Rs 13 per litre reduction since oil price slump started mid-2014

The Oil Marketing Companies (OMCs) today slashed the retail price of petrol by 32 paise per litre and cut diesel prices by 85 paise per litre in a bid to align domestic rates with the ongoing oil price slump in the international market.

Post the price revision, to be effective midnight today, unbranded petrol will be priced at Rs 59.03 per liter in Delhi including taxes while every litre of diesel will be charged at Rs 44.18. Global crude oil prices have slumped to a 12 year low of $35 per barrel pulling down product prices.

"The current level of international product prices of petrol and diesel and the rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to consumers with this price revision," Indian Oil Corporation (IOC), the nation's largest fuel retailer said in a statement.

It added the movement of prices in the international oil market and the rupee-dollar exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes.

Fuel prices were last revised on 1 January through a 63 paise reduction per litre while diesel cfost was brought down by Rs 1.06 per litre. The oil ministry maintains prices of both the auto fuels have been cut more than 20 times to bring about a Rs 13 per litre reduction since the oil price slump started mid-2014.