New Delhi: Petrol price was on Friday cut by Rs. 2.25 per litre while diesel rate was slashed by Rs. 0.42 a litre. Revised prices will take effect from midnight.
This is the second reduction in rates this month. A litre of petrol in Delhi will now cost Rs. 62.51, while diesel will cost Rs. 54.28/litre. Earlier on June 30, petrol price was cut by 89 paise a litre and diesel by 49 paise a litre, the first decrease in rates in two months.
Prior to the reduction on June 30, rates had been hiked on four occasions since May 1. Petrol prices in the four hikes had been raised by Rs. 4.52 a litre and diesel by Rs. 7.72 per litre.
“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.
Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs. 1.30, the upward trend in rates had been a phenomenon since March 17. After discounting the April 16 reduction, petrol prices have jumped by Rs. 9.04 per litre since mid-March and diesel by Rs. 11.05 per litre.
State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and HindustanPetroleum Corp Ltd (HPCL) revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.
The movement of prices in the international oil market and Rupee-US Dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC added.