Petrol drops 50 paise a litre and diesel down by 46 paise a litre
State fuel retailers have cut prices of petrol by 50 paise a litre and diesel by 46 paise a litre following their fortnightly review to align local prices with international ones and adjust for foreign exchange rates.
From Wednesday, petrol will cost INR 59.98 a litre and diesel INR 46.09 a litre in Delhi with prices varying marginally in other places due to local levies.
In the last review, oil companies had reduced prices of petrol by 58 paise a litre and diesel by 25 paise a litre. Fuel retailers review petrol and diesel prices and adjust local prices to the global rates of the products every fortnight.
“The current level of international product prices of Petrol & Diesel and the exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” Indian Oil Corp, the nation’s largest fossil fuel retailer, said in a statement on Tuesday.
The movement of prices in the international oil market and the exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company said.