Petrol price cut by Rs2.42 a litre; diesel cheaper by 2.25 per litre

State-run oil marketing companies have effected a reduction in the retail selling prices of petrol and diesel effective midnight of 3-4 February. Accordingly, petrol will now cost Rs2.42 less per litre and diesel Rs2.25 less a litre.

This is the tenth straight reduction in the price of petrol since August and the sixth in the price of diesel, which was taken out of the price control regime in October.

State-run Indian Oil Corporation said in a release that the decision has been taken in line with the oil companies' policy of fortnightly revision in fuel prices and is in step with falling in international oil prices.

Petrol in Delhi will cost Rs56.49 a litre from midnight tonight against Rs58.91 at present. Similarly, diesel will cost Rs46.01 per litre against Rs48.26 at present.

Following are the revised rates of petrol and diesel in four metros after oil firms cut prices with effect from midnight tonight:

Prices of petrol and diesel were last revised downwards on 17 January 2015 by Rs2.42 per litre and Rs2.25 per litre, respectively (including state levies at Delhi).

Since then, international prices of both petrol and diesel have continued decline and the rupee-dollar exchange rate has appreciated. The combined impact of both these factors warranted a decrease in retail selling prices of both petrol and diesel, Indian Oil said.

IOC said the movement of prices in international oil market and rupee-dollar exchange rate continue to be closely monitored and developing trends of the market will be reflected in future price changes.