The prices of petrol and diesel have been cut marginally by Rs. 0.31 a litre and Rs. 0.71 a litre respectively by the Fuel retailers. This price change will come into effect from midnight of June 30 or July 1. Factors like, rupee- dollar exchange rate and changes in the oil prices in international markets have resulted in the decline of prices of petrol and diesel.
Since May, the decline in petrol price has come after three consecutive increases. Prior to this, the oil marketing companies, had cut the petrol price by Rs 0.80 a litre on 16 April 2015, while in the last revision on June 16, the petrol price was increased by Rs 0.64 a litre. However, the reduction in diesel rate is happening for second time in the month. Retailers had cut the diesel rate by Rs 1.35 a litre on June 16.
The adjustments of these prices have been made according to the global rates of products. Global oil prices slid on uncertainty about the financial crisis in Greece. A Greek departure from the euro would be further bearish for oil markets