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Petrol Price reduced by 50 Paise per litre, diesel price remains unchanged

Petrol Price reduced by 50 Paise per litre, diesel price remains unchanged
Nikhil Puthran Nikhil Puthran Monday 02 November 2015, 11:10 AM

Motorists have a new reason to cheer, over the weekend Petrol price has been cut by Rs 0.50 per litre while diesel price has been left unchanged. As against Rs.61.20, Petrol now costs Rs.60.70 per litre in Delhi, effective from midnight Saturday, Indian Oil Corp. Ltd, the nation’s largest fuel retailer, said. This is first change in petrol price since 1 September when it was cut by Rs.2 per litre to Rs.61.20 in Delhi. Diesel prices on 1 September were reduced by 50 paise a litre, and, though kept changed on Saturday, it had been increased twice since then, by 95 paise on 16 October and by 50 paise on 1 October.

“The current level of international product prices and rupee-US dollar exchange rate warrant a price decrease, which is being passed on to consumers with this price revision,” IOC said in a statement. State-owned fuel retailers - IOC, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) - revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

 

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