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Petrol price drops by 63 Paise/litre, diesel by Rs 1.06 per litre

Petrol price drops by 63 Paise/litre, diesel by Rs 1.06 per litre
Nikhil Puthran Nikhil Puthran Saturday 02 January 2016, 10:40 AM

Motorists had a new reason to cheer on New Year’s Eve with the announcement of cut in Petrol price by 63 paise per litre and diesel by Rs.1.06 per litre, the third reduction last month on back of softening global oil rates. Petrol now costs Rs.59.35 per litre in Delhi as against Rs. 59.68 charged previously. A litre of diesel will cost Rs.45.03 as against Rs.46.09, said Indian Oil Corp. (IOC), the country’s biggest fuel retailer.

Petrol price was last cut by 50 paise per litre, and diesel by 46 paise per litre on 15 December. The reduction would have been more, but for the government’s move to mop up gains arising from oil prices slumping to an 11-year low by way of an excise duty hike. Prior to that oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on 1 December. “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to 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, the statement said.


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