Petrol, diesel prices slashed by 63 paise/ litre and Rs 1.06/ litre

Extending the reduction for the third time in row, Oil Marketing Companies (OMCs), has cut the price of petrol by 63 paise a litre and diesel by Rs 1.06/ litre, on the back of softening in global oil rates. The new rates announced by OMCs will be effective midnight December 31/January 1. Following the cut, petrol in Delhi will be 59.35 a litre as against 59.98 per litre, while diesel will cost Rs 45.03 a litre as against Rs 46.09 per litre.

At the last revision, State run fuel retailers have slashed price of petrol and diesel by 50 paise per litre and 46 paise per litre respectively. With both international prices of petrol and diesel continuing their downtrend and the rupee-dollar rates appreciating, 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.