Government owned oil marketing companies on Saturday reduced the retail price of petrol by Rs. 0.50/litre while keeping the price of diesel unchanged.
With this change, the price of petrol in Delhi will become Rs. 60.70/litre. The price of diesel remains unchanged.
“The current level of international product prices and INR-USD exchange rate warrant a price decrease, which is being passed on to consumers with this price revision,” Indian Oil Corp Ltd said in a release on Saturday.
This is first change in petrol price since September 1 when it was cut by Rs 2 per litre to Rs 61.20 in Delhi.
Diesel prices on September 1 were reduced by 50 paise a litre.
While the companies do not release commercial figures, calculations based on available price data show that during the last fortnight diesel over-recovery was Rs0.38 per litre. and petrol over-recovery was Rs1.79 per litre, indicating that the companies had chosen not to pass full benefit of the fall in prices to consumers.
“The current level of international product prices and Rupee-US dollar exchange rate warranted a price decrease, which is being passed on to consumers with this price revision,” IOC said in a statement.
State-owned fuel retailers -- IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) -- revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
“The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely, and developing trends of the market will be reflected in future price changes,” the IOC statement added.
The new petrol prices across NCR and all state capitals effective from November 1 can be read here .
(With PTI inputs)