Petrol price cut by Rs 3.77 per litre and diesel by Rs 2.91 per litre

Petrol price was cut by Rs 3.77 per litre and diesel by Rs 2.91 per litre respectively with effect from midnight tonight. The prices were last revised on January 15.

Petrol price has been cut by Rs 3.77 per litre and diesel by Rs 2.91 per litre respectively with effect from midnight tonight. According to news agency PTI, The prices were last revised on January 16 when the petrol price was hiked by 54 paisa per litre and diesel by Rs 1.20 per litre, respectively. Petrol currently costs Rs 71.14 a litre in Delhi and Diesel is priced at Rs 59.02 per litre.

Indian Oil Corp (IOC) in a statemtent to PTI said that the decrease in price has been warranted by international product pricing of petrol and diesel. “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. The oil enterprise also said they will be monitoring the trends of market closely.  The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC said.

Bharat Petroleum Corp (BPCL), Hindustan Petroleum Corp (HPCL) and Indian Oil Corp (IOC) revise rates on 1st and 16th of every month based on average international price in the previous fortnight.

(With inputs from PTI)