Petrol price was today cut by Rs 1 per litre and diesel by Rs 2 a litre, the fourth decrease in rates within two months. The revised rates will be effective from midnight.
Petrol will now cost Rs 60.09 a litre in Delhi as compared to Rs 61.09 a litre currently. Similarly, diesel will cost Rs 50.27 per litre as against Rs 52.27 currently. Earlier, Petrol price was cut by Rs. Rs. 1.42 a litre and diesel by Rs. 2.01 paise a litre on July 31st. Prior to slashing the petrol/diesel prices fourth time in a two within the period of two months, the rates had been hiked four times between May 1 to June 31. The government had faced sharp criticism by opposition parties for not passing the benefits of lower oil prices to the consumers.
“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” the Indian Oil Corporation had said to PTI when the oil prices was slashed last month.
WATCH: Petrol, Diesel to cost less
IOC also said, “The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”
