Fuel prices cut: Petrol cheaper by Rs 2.16 per litre, diesel by Rs 2.10 | business-news | Hindustan Times
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Fuel prices cut: Petrol cheaper by Rs 2.16 per litre, diesel by Rs 2.10

Indian Oil Corp said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 from midnight.

business Updated: May 15, 2017 23:37 IST
The prices of petrol and diesel were cut by over Rs 2.
The prices of petrol and diesel were cut by over Rs 2.(AFP File Photo)

Petrol price was cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre on Monday, reversing the four week trend of rising rates.

The reduction, which will be effective from midnight Tuesday, comes on back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1.

Prior to that, petrol prices were hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from April 16.

Indian Oil Corp (IOC), the nation’s largest fuel retailer, said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 -- both excluding state levies.

Actual reduction in price will be more after taking into account local VAT.

Petrol in Delhi will cost Rs 65.32 a litre from Tuesday as against Rs 68.09 currently. Similarly, a litre of diesel will be priced at Rs 54.90 as compared to Rs 57.35 at present.

“The current level of international product prices of petrol and diesel and INR-USD 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.

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