Prices for petrol have being dropped by Rs 1.46 and diesel prices came down by Rs 1.53. The drop in fuel prices is across the nation and came in effect from midnight of November 15, 2016.
The revised prices for the petrol is now Rs 65.93 in Delhi, falling from Rs 67.62. Whereas the diesel prices have come down to Rs 54.71 from Rs 56.41 after the revision. In Mumbai, petrol now costs Rs 72.29 while diesel prices have come down to Rs 60.32.
Previous revision for fuel prices were earlier this month. When there was a hike of Rs 0.89 for petrol and diesel became more expensive by Rs 0.86. The price reduction for the petrol came after almost six hikes since September, while the diesel prices drop came after three increases. Over the past two months, owing to the last six hikes, petrol price had gone up by Rs 7.53, whereas the diesel price increase summed up to Rs 3.90.
India’s largest fuel retailer, Indian Oil Corporation, said in a statement, “The current level of international product prices of petrol and diesel and Rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision. 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”.
