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Oil marketing companies (OMCs) on Tuesday announced a 31 paise per litre cut in petrol prices along with a 71 paise cut in diesel prices to align the domestic rates with the global price benchmarks.
Post Tuesday’s revision in prices, petrol will be sold at Rs 66.62 per litre in Delhi while diesel will be priced at Rs 50.22 per litre. The prices were last revised on 16 June with a 64 paise per litre increase in petrol rates and a steep Rs 1.35 per litre cut in diesel prices.
“Since last price change, there has been a decrease in international prices of both petrol and diesel. The rupee-dollar exchange rate has appreciated during this period. Combined impact of both the factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” Indian Oil Corporation, the nation’s largest fuel retailer said in a release.
It added the movement of prices in international oil market and the Rupee-Dollar exchange rate will continue to be monitored closely and the developing trends of the market will be reflected in future price changes. Petrol prices were decontrolled in June 2010 while diesel rates were linked to market prices last year.
