New Delhi: Petrol price was on Friday cut by 32 paise per litre while diesel rate was lowered by 85 paise a litre, on the back of a softening global oil market.
Revised prices will take effect from the midnight of January 15 and January 16, 2016.
After this revision, petrol will cost Rs 59.03 per litre in Delhi, as against Rs 59.35 currently, whereas a litre of diesel will cost Rs 44.18 as against Rs 45.03 until now, Indian Oil Corporation (IOC) said.
Fuel prices were last revised downwards – petrol by 63 paise a litre and diesel by Rs 1.06 a litre – on December 31.
Petrol and diesel prices are de-regulated in India – which means they are linked to market rates.
State-owned fuel retailers – Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation – review petrol and diesel prices every fortnight based on average import cost and rupee-dollar exchange rate in the previous two weeks.