OMCs slash price of petrol by 32 paise/litre, hike diesel by 28 paise/litre

Reflecting changes in global fuel prices, Oil Marketing Companies (OMCs) have slashed price of petrol by 32 paise per litre and have hiked diesel rates by 28 paise a litre. The new rates are effective from midnight February 17 / February 18. Following the revision, the price of petrol in the National Capital will be Rs 59.63 per litre as against Rs 59.95 a litre currently while diesel will be priced at Rs 44.96 per litre as compared to Rs 44.68 currently.

This is the sixth straight reduction in price of petrol on softening international rates. But in case of diesel, the hike snapped a three-month declining trend. In the last revision on February 1, the price of petrol was cut by 4 paise a litre while that of diesel was lowered by 3 paise a litre after the government raised excise duty to take away most of the benefit arising from fall in international oil 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 revision was due on February 16 but the retailers choose to defer the revision.

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.