Petrol price cut by 89p/litre, diesel cheaper by 49p/litre

New Delhi, Jun 30: Petrol price was on Thursday cut by 89 paise a litre and diesel by 49 paise a litre, the first decrease in rates in two months.

Petrol will cost Rs 64.76 a litre in Delhi from midnight tonight as compared to Rs 65.65 per litre currently, Indian Oil Corp, the nation's largest fuel retailer, announced.

Petrol price cut by 89p/litre

Similarly, diesel will cost Rs 54.70 per litre as against Rs 55.19 a litre currently. This is the first reduction in rates in two months. Petrol price was last hiked by 5 paise a litre on June 16 and diesel by Rs 1.26 a litre.

Petrol prices in the four hikes since May 1 had been raised by Rs 4.52 a litre, while diesel rates had gone up by Rs 7.72 per litre.

"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," IOC said in a statement.

Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates had been a phenomenon since March 17.

After discounting the April 16 reduction, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 per litre.

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, IOC added.


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