Petrol price cut by 6 paise, diesel by 5 paise

State-run Indian Oil Corp. Ltd on Friday cut diesel and petrol prices by 5 paise and 6 paise per litre, respectively, after automobile fuel prices reached record highs on Tuesday.

This comes at a time when the government is exploring a mechanism that may involve state run Oil and Natural Gas Corp. Ltd (ONGC) share the subsidy burden on automobile fuels.

The revised Diesel and petrol price today in Delhi are Rs69.20/litre and Rs78.29/litre, respectively, at Indian Oil petrol pumps.

IOC also raised the prices of subsidised and non-subsidised domestic cooking gas cylinders on Friday by Rs2.34 and Rs48, respectively.

Without subsidy, a 14.2 kg Indane liquefied petroleum gas (LPG) cylinder in Delhi is priced at Rs698.50. A subsidised Indane cylinder is priced at Rs493.55 in Delhi.