Snapping the rising trend and giving some respite, the PSU Oil Marketing Companies (OMCs) have cut the price of petrol and diesel by Rs 1.46 a litre and Rs 1.53 a litre respectively. The reduction in prices comes after a string of hikes that is six times since September and will be effective from midnight of November 15 and November 16.
Following the cut, the price of petrol in the National Capital will be Rs 65.93 per litre as against Rs. 67.62 a litre currently, whereas price of diesel will be Rs. 54.71 per litre compared with the Rs. 56.41 now. At the last revision on November 5, OMCs had hiked price of petrol and diesel by 89 paise per litre and 86 paise per litre respectively. Altogether, in the last six hikes, petrol price had gone up by Rs 7.53 per litre, while the three price increases totalled Rs 3.90 a litre for diesel.
According to IOC the country's largest fuel retailer, the reduce in prices is due to 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. It further added that 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.