Udaipur : Petrol price was on Tuesday reduced by Rs 1.46 per litre while diesel rate was cut by Rs 1.53 per litre (excluding state levies). Revised prices will take effect from midnight.
“The current level of international product prices of Petrol & Diesel and rupee-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,” Indian Oil said.
After Tuesday’s revision, petrol will retail at a lower Rs 65.93 per litre in Delhi, from Rs 67.62 per litre now. Also, a litre of diesel will cost Rs 54.71 in the national capital, instead of Rs 56.41.
Also, petrol prices in other major cities will be Rs 68.67 per litre in Kolkata, Rs 72.29 per litre in Mumbai, and Rs 65.41 per litre in Chennai. Diesel rates will be Rs 56.95 per litre in Kolkata, Rs 60.32 per litre in Mumbai, and Rs 56.24 per litre in Chennai.
Fuel prices were last revised on November 5, when petrol price was increased by 89 paise per litre while diesel rate was raised by 86 paise a litre.
Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
“The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” said Indian Oil, the country’s largest fuel retailer.
State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on a fortnightly basis based on the average oil price and foreign exchange rate in the preceding fortnight.
The rupee settled end at a near five-month low of 67.74 against the US dollar on Tuesday.