Petrol price cut 80 paise, Diesel price down Rs 1.30 per liter

Non-branded petrol to cost Rs 59.20 per liter in Delhi, diesel will cost Rs 47.20

Oil marketing companies announced an 80p a litre cut in the retail price of petrol and Rs 1.3 a litre cut in diesel prices from Wednesday night, to align the deregulated domestic prices with international rates.

After the changes, non-branded petrol will be Rs 59.20 a litre in Delhi and diesel will cost Rs 47.20 a litre.

The reduction follows cuts in both February and March — first by Rs 0.82 a litre in petrol and Rs 0.61 a litre in diesel on February 16 and by Rs 3.18 a litre in petrol and Rs 3.09 a litre in diesel on March 1. Later, on April 1, prices of petrol and diesel were cut by 49p and Rs 1.21 a litre.

“Since the earlier price change, the trend of international prices of petrol and diesel and the rupee-dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers,” said Indian Oil Corporation, the nation’s largest fuel retailer. It added the movement of prices in the international oil market and the dollar exchange rate would be monitored and developing trends in the market reflected in future price changes.

Petrol prices were decontrolled in 2010 and diesel prices were linked to the market in October 2014. Global crude oil prices have slumped to a little less than $55 a barrel from the peak of $114 a barrel in June last year.