Petrol price cut by 89 paise, diesel price by 49 paise per litre

Petrol price on Thursday cut by 89 paise a litre and diesel price reduced by 49 paise a litre with effect from midnight tonight. This is the first decrease in rates in two months.

In Delhi, now petrol will cost Rs 64.76 a litre as compared to Rs 65.65 per litre currently. Similarly, diesel will cost Rs 54.70 per litre as against Rs 55.19 per litre.

The decision was taken by Indian Oil Corporation Ltd. "The current level of international product prices of petrol and diesel and Rupee-US Dollar 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".

On June 16, the petrol price was last hiked by 5 paise per litre and diesel by Rs 1.26 a litre. Petrol prices in the four hikes since May 1 had been raised by Rs 4.52 a litre, while diesel rates had gone up by Rs 7.72 per litre.

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

Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates had been a phenomenon since March 17.

After discounting the April 16 reduction, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 per litre.

(With PTI inputs)