 "Petrol price slashed by 63 paise/ litre and diesel by Rs 1.06")
Oil Marketing Companies (OMCs) today slashed prices of petrol by 63 paise per litre along with a Rs 1.06 per liter cut in diesel prices in order to align the domestic rates with global price trends.
Post the change, to be effective from 1 January, a litre of petrol will cost Rs 59.35 (including state taxes) in Delhi while diesel will cost Rs 45.03 per litre.
"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 the 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 and developing trends of the market will be reflected in future price changes.
OMCs had last revised the prices on 16 December through 50 paise per litre cut in petrol rates and 46 paise per liter reduction in diesel prices. Global crude oil prices have tumbled below the $37 per barrel mark, the lowest in 11 years, impacting product prices.