Petrol price cut by 50 paise per litre with effect from midnight; no change in diesel rates

New Delhi: State fuel retailers have cut the price of petrol by 50 paise a litre but kept that of diesel unchanged following their fortnightly review to align local prices with international ones and adjust for foreign exchange rates.

From Sunday, petrol will cost Rs 60.70 a litre in Delhi with prices varying marginally in other places due to local levies. In the past three reviews, oil companies had left petrol prices unchanged.

Diesel prices were raised in the last two reviews by a cumulative Rs 1.45 per litre. Every fortnight, fuel retailers review petrol and diesel prices and adjust local prices to the global rates of the products.

“The current level of international product prices and Rupee-Dollar exchange rate warrant a price decrease, which is being passed on to consumers with this price revision,” Indian Oil Corp, the nation’s largest fossil fuel retailer, said in a statement on Saturday.

The movement of prices in the international oil market and the exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes., the company said.

Source Economic Times, October 31st 2015

URL : http://economictimes.indiatimes.com/industry/energy/oil-gas/petrol-price-cut-by-50-paise-per-litre-with-effect-from-midnight-no-change-in-diesel-rates/articleshow/49609110.cms

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