Oil companies have decreased petrol and diesel prices by Rs 1.46 per litre and Rs 1.53 per respectively. The new prices will be effective from midnight tonight. The change in prices comes 10 days after a minor increase on November 5th. On November 5th, petrol price was raised by 89 paise per litre, the sixth increase in rates since September, and diesel by 86 paise a litre, the third increase in a month.
The price cut announced by Indian Oil Corp (IOC) is excluding local sales tax or VAT and will be effective from midnight tonight.
This is the sixth increase in petrol price since September 1, the last hike being on October 16 by Rs 1.73 a litre. The five previous hikes had totaled to Rs 6.36 a litre and after including today’s increase, the price of petrol has gone up by Rs 7.53 per litre in just over two months.
“The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.
IOC said 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.