Petrol, Diesel Prices Slashed

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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.

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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.

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