This Article is From Dec 31, 2015

Petrol Price Cut by 63 Paise/Litre, Diesel by Rs 1.06/Litre

Petrol Price Cut by 63 Paise/Litre, Diesel by Rs 1.06/Litre
New Delhi: Petrol price was on Thursday cut by 63 paise per litre while diesel rate was lowered by Rs 1.06 a litre, on the back of a softening global oil market. Revised prices will take effect from the midnight of December 31 and January 1, 2016. 

After this revision, petrol will cost Rs 59.35 per litre in Delhi, as against Rs 59.98 currently, whereas a litre of diesel will cost Rs 45.03 as against Rs 46.09 until now, Indian Oil Corporation (IOC) said.

Fuel prices were last revised downwards - petrol by 50 paise a litre and diesel by 46 paise a litre - on December 16. Prior to that, oil firms had on December 1 cut the price of petrol by 58 paise per litre and that of diesel by 25 paise per litre.

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.

"The current level of international product prices of Petrol and Diesel and rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," IOC, the country's largest fuel retailer, said in a statement.

The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.