Thanks to the fall in global oil prices, state-owned domestic fuel retailers cut petrol and diesel prices by Rs 3.77 per litre and Rs 2.91 a litre respectively, the first change in rates in two-and-a-half months.
Rates were last revised on January 16 when price of petrol went up by 54 paise. On that date, diesel rates were hiked by Rs 1.20 a litre.
State-owned oil firms said the cut in rates will be with effect from Saturday. Petrol currently costs Rs 71.14 a litre in Delhi and Diesel is priced at Rs 59.02 per litre.
As the cut in fuel prices exclude state levies, the actual reduction at petrol pumps will be more and will depend on the levies prevailing in every state.
“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.