Oil Marketing Companies (OMCs) have slashed price of petrol by 50 paise per litre while keeping the rate of diesel unchanged. The new rates announced by the oil marketing companies (OMCs) are effective from November 1, 2015. Following the change, petrol will cost Rs 60.70 per litre in Delhi as against Rs 61.20 per litre, while diesel will cost Rs 45.90 per litre.
Petrol price was last revised on September 1 where it was cut by Rs 2 per litre while diesel prices were hiked by 95 paise per litre on October 15 and by 50 paise per litre on October 1.
With the current level of international product prices and the rupee-dollar exchange rate, Oil Marketing companies went ahead and further reduced fuel prices. PSU oil marketing companies, Indian Oil Corporation, Bharat Petroleum Corp and Hindustan Petroleum Corp revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rates in the previous fortnight.
The oil companies have said that 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.