India's oil marketing companies on Monday cut petrol price by Rs 2.16 per litre and diesel by Rs 2.10 a litre, thus reversing the four week trend of rising rates.
The reduction, which will be effective from midnight comes on back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1. Prior to that, petrol price was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from April 16.
The actual reduction in price will be more after taking into account local value added taxes.
Petrol in Delhi will cost Rs 65.32 a litre from Tuesday as against Rs 68.09 currently. Similarly, a litre of diesel will be priced at Rs 54.90 as compared to Rs 57.35 at present.
"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.
The movement of prices in the international oil market and rupee-dollar exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.
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