New Delhi: With global crude oil in free fall, Indian Oil Corp (IOC) on Monday cut the prices of petrol by Rs.2 a litre and of diesel by 50 paise, both prices inclusive of levies in Delhi, with corresponding decrease in other states, effective from midnight.. The new rates will be effective from the midnight of August 31 and September 1.
In Delhi, petrol will cost Rs 61.20 a litre from Tuesday while diesel will be available at Rs 44.45 a litre. There will be marginal variations due to local levies in other places. Every fortnight, fuel retailers review petrol and diesel prices and adjust local prices to the global rates of the products.
“Since last price change, there has been a decrease in international prices of both petrol and diesel. However, the exchange rate has depreciated during this period. The impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” Indian OilBSE 0.52 % Corporation, the nation’s largest fuel retailer, said in a statement on Monday.
The movement of prices in 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.
Bureau report
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