State-owned oil marketing companies on Monday announced a reduction in petrol and diesel prices by Rs 2.16/litre and Rs 2.10/litre respectively at petrol pumps on the back of fall in global petroleum product prices in the trailing fortnight.
The three state-run oil marketing firms – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and usually revise them every fortnight to pass on the impact of global crude oil prices on their purchases.
Petrol in Delhi will cost Rs 65.32 a litre from tomorrow 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 new rates will come into effect from Tuesday.
“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.