Petrol price cut by 31 paise per litre, diesel cheaper by 71 paise

State-run oil marketing companies have reduced prices by 31 paise per litre of petrol and a 71 paise in the retail selling price of diesel with effect from midnight of 31 June-1 July.

A press release by Indian Oil Corporation Ltd, the country's top oil retailer, said the decrease in retail selling price of petrol will go down by Rs 0.31 per litre in Delhi (including state levies) with corresponding price revision in other states.

With this change, petrol in Delhi will cost Rs66.62 per litre while a litre of diesel will cost Rs0.71 less at Rs50.22 per litre. Prices in other states will also change depending on state levies.

OMCS revise retail selling prices of petrol and diesel on the first and 15th of every month. Retail prices of petrol and diesel were last revised on 16 June.

''Since the last price change, there has been a decrease in international prices of both petrol and diesel. The rupee-dollar exchange rate has appreciated during this period. The combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,'' IOC stated in the release.

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

Accordingly, petrol will now cost Rs66.62 per litre in Delhi, Rs74.52 per litre in Mumbai, Rs74.09 in Kolkota and Rs69.84 in Chennai.

A litre of diesel will cost Rs50.22 in Delhi, Rs57.64 in Mumbai, Rs54.75 in Kolkata and Rs53.52 in Chennai.