Petrol price cut by 74 paise a litre, diesel by Rs 1.3

The government-owned oil marketing companies on Friday cut the price of petrol by 74 paise a litre and that of diesel by Rs 1.3 to align the domestic rates of the fuels with global benchmarks.

Following Friday's price change, to be effective from midnight on Friday, petrol will be priced at Rs 61.13 a litre (including state taxes) in Delhi, while a litre of diesel will cost Rs 48.01.

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

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

Petrol and diesel prices were last revised on April 5 when petrol price was increased by Rs 2.19 to Rs 61.87 a litre and diesel price was raised by 98 paise to Rs 49.31 a litre.