New Delhi: Petrol price was on Thursday cut by Rs 0.74 per litre and diesel by Rs 1.30, reversing the two-month trend of rising rates.
Petrol in Delhi will cost Rs 61.13 per litre from midnight tonight as against Rs 61.87 currently, said Indian Oil Corp (IOC), the nation's largest fuel retailer.
Similarly, a litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present.
The reduction comes on back of two straight increases in petrol prices - Rs 3.07 a litre on 17 March and Rs 2.19 per litre on 4 April, and four straight hikes in diesel prices.
Diesel price was last hiked on 4 April by Rs 0.98 a litre and three previous increases totaled Rs 3.65 per litre.
"The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate
warrant decrease in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said.
State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd
(HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.
"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," the company said.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Apr 15, 2016 20:16:56 IST