Petrol price cut by Rs 2.25 a litre, diesel by Rs 0.42 a litre

By: |
Updated: Jul 15, 2016 9:20 PM

Much to the relief of its consumers, oil companies have slashed both petrol an diesel prices by asa much as Rs. 2.25 a litre and Rs 0.42 a litre respectively.

Oil pricesState-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 15th of every month. (PTI)

Much to the relief of its consumers, oil companies have slashed both petrol an diesel prices by as much as Rs. 2.25 a litre and Rs 0.42 a litre respectively.

After this new deduction, petrol will cost Rs 62.51 a litre in Delhi as compared to Rs 64.76 currently, while diesel will cost Rs 54.28 per litre as against Rs 54.70 currently. The revised rates will be effective from midnight. This is the second consecutive cut in the fuel rates.

Earlier on 30th June, the petrol price was slashed by 89 paise a litre and diesel by 49 paise a litre. After which the petrol was available for Rs 64.76 a litre in Delhi and diesel cost was Rs 54.70 per litre. This relaxation in the prices came after the 2 consecutive hikes.

State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 15th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.

In 2014 diesel prices were deregulated, giving oil marketing companies the liberty to hike or cut prices according to global price movement.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Need cash support, more rural jobs to tackle Covid impact: Azim Premji University
2Cash transfer, expansion of rural job scheme must to tackle impact of second Covid wave: Azim Premji University
3Help nations to prevent health crisis from becoming economic crisis: FM Sitharaman to ADB