Petrol cost was on Tuesday diminished by Rs. 1.46 for each liter while diesel rate was cut by Rs. 1.53 for each liter. The new prices will be effective from Tuesday midnight.After Tuesday’s update of the prices, petrol will retail at a price of Rs. 65.93 for every liter in Delhi, from Rs. 67.62 for every liter at this point. Likewise, a liter of diesel will cost Rs. 54.71 in the national capital, rather than Rs. 56.41.
Likewise, petrol costs in other major cities will be Rs. 68.67 for every liter in Kolkata, Rs. 72.29 for each liter in Mumbai, and Rs. 65.41 for each liter in Chennai. Diesel rates will be Rs. 56.95 for every liter in Kolkata, Rs. 60.32 for every liter in Mumbai, and Rs. 56.24 for each liter in Chennai.
Fuel costs were last changed on November 5, when petrol cost was expanded by 89 paise per liter, the sixth increase in rates since September while diesel rate was raised by 86 paise a liter, the third increase in a month.
Petrol and diesel costs are deregulated in India, which implies they are connected to market rates.
“The current level of international product prices of Petrol & Diesel and rupee-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,” Indian Oil said.
“The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” said Indian Oil, the country’s largest fuel retailer.
State-claimed fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp modify rates of the fuel on a fortnightly premise in view of the average oil cost and foreign exchange rate in the preceding fortnight.