New Delhi: Petrol price is on Monday cut by 58 paise per litre while diesel is made cheaper by 25 paise per litre. Revised prices will take effect from the midnight of November 30 and December 1.
After the change, petrol will cost ₹60.48 a litre in Delhi while diesel will cost ₹ 46.55 a litre. “The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” IndianOil said in a statement.
“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,” it added.
The government earlier this month hiked excise duty on the fuels to mop up additional revenue in order to meet budgetary targets. Excise duty on petrol was raised by Rs 1.60 per litre while that on diesel was increased by 40 paise a litre.