New Delhi: After two consecutive hikes, petrol prices were on Wednesday cut by 49 paise per litre and diesel by Rs 1.21 a litre on softening international oil rates. The reduction in rates will be effective from midnight.
Prices of petrol in Delhi will be Rs 60 a litre as against current level of Rs 60.49, while diesel will cost Rs 48.50 per litre, as compared with Rs 49.71, Indian Oil Corp (IOC) said.
The reduction follows two rounds of price hikes in February and March - first by Rs 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16 and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1.
Since the last price change, "the international prices of both petrol and diesel have declined. The Rupee-US Dollar exchange rate has, however, depreciated. The impact of both these factors warrants decrease in retail selling prices of both petrol and diesel," IOC said in a statement.
Prior to these increases, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014.
Cumulatively, petrol prices had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October.
This trend was reversed when rates were raised on February 16. Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.
Revised Petrol Prices in Different Cities
Delhi: Rs 60 (down 49 paise)
Kolkata: Rs 67.48 (down 40 paise)
Mumbai: Rs 67.53 (down 51 paise)
Chennai: Rs 62.75 (down 51paise)
Revised Diesel Prices in Different Cities
Delhi: Rs 48.50 (down Rs 1.21)
Kolkata: Rs 53.23 (down Rs 1.08)
Mumbai: Rs 55.69 (down Rs 1.34)
Chennai: Rs 51.61 (down Rs 1.31)
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