Petrol prices down Rs2.43 per litre, diesel to cost Rs3.60 less

State-run oil marketing companies have effected a reduction in the retail prices of petrol and diesel, effective midnight of 31 July-1 August, on the back of a big fall in the international prices of crude oil.

The international crude oil price of Indian basket stood at $53.78 per barrel, marginally higher than the $53.17 per barrel on the previous day.

Accordingly, the retail prices of petrol and diesel has been reduced by Rs2.43 per litre and Rs3.60 per litre, respectively.

With this change, petrol in Delhi will cost Rs64.47 per litre,  down from Rs66.90 per litre. The new diesel price will be Rs46.12 per litre compared with the previous rate of Rs49.72 per litre.

Excluding applicable local taxes, petrol in Delhi will now cost Rs64.47 per litre, while it will cost Rs69.51 in Mumbai, Rs69.15 in Kolkata and Rs64.77 in Chennai.

Diesel is currently being sold at Rs46.12 in Delhi, Rs51.29 in Mumbai, Rs49.66 per litre in Kolkata and Rs47.30 in Chennai (all excluding taxes)

This is the third consecutive reduction in fuel prices this month. On 16 July, the base prices of diesel and petrol were reduced by Rs2 per litre, although some states, including Delhi raised local taxes, which nullified this reduction.

''Since last price change, there has been a decrease in international prices of both petrol and diesel. Rupee-dollar exchange rate has, however, depreciated during this period. 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,'' a statement by the Indian Oil Corporation Ltd (IOCL) said late Friday evening. 

"The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the statement added.

Indian Oil also said that prices of non-subsidised LPG cylinders (14.2kg) in Delhi have been reduced to Rs585 from Rs608.50 per cylinder, a reduction of Rs23.50 per cylinder. The price of subsidised LPG will, however, remain unchanged.

State-run fuel retailers – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - revise fuel prices on 1st and 16th of every month based on average imported cost of crude oil and rupee-dollar exchange rate in the previous fortnight.