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.
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.