State-owned Indian Oil Corporation (IOC) has reduced Petrol prices by Rs 3.02 per litre, while it has increased diesel prices by Rs 1.47 per litre with effect from the midnight of February 29and March 1, 2016. The price of petrol in Delhi has become Rs 56.61 a litre, while diesel has become Rs 46.43 a litre. The current level of international product prices of petrol & diesel and INR-USD exchange rate warrant a decrease in the price of petrol and increase in the price of diesel.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.