Diesel price cut by Rs1.30 per litre, petrol to cost 80 paise less

India's state-run oil marketing companies today announced a 2.68 per cent reduction in retail price of diesel and a 1.33 per cent reduction in retail price of petrol, effective midnight tonight.

Indian Oil Corp (IOC), the country's largest fuel retailer, said in a release today that it will cut retail price of diesel by Rs1.30 per litre and retail petrol price by 0.80 rupee a litre.

India's three state-controlled fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), revise product prices in tandem with changes in the international price of crude oil.

With this change, the price of diesel in Delhi will become Rs47.20 a litre, with corresponding price revision in other states, IOC stated in the release.

With the revision, petrol will cost Rs59.20 per litre in Delhi, Rs66.69 in Mumbai, Rs66.81 in Kolkata and Rs61.90 in Chennai.

Diesel will cost Rs47.20 I Delhi, Rs54.26 in Mumbai, Rs52.08 in Kolkata and Rs50.21 in Chennai.

Prices of petrol and diesel were last revised downwards on 2 April 15 by Rs0.49 per litre and Rs1.21 per litre, respectively (including state levies at Delhi).

''Since last price revision, the trend of international prices of petrol and diesel and the rupee-dollar exchange rate warranted a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,'' IOC said.

IOC said it would continue to monitor the movement of prices in international oil market and rupee-dollar exchange rate as also developing trends of the market, which will be reflected in future price changes.