Petrol price cut by Rs1.27 a litre, diesel to cost Rs1.17 less

State-run oil marketing companies have announced a reduction of Rs1.27 per litre of petrol and a Rs1.17 per litre reduction in the retail selling price of diesel effective midnight of 14/15 August.

The price cut is inclusive of state levies in Delhi and will vary from state to state, Indian Oil Corporation stated in a press release.

The price change will be effective midnight August 14 August 2015. After the change, petrol will cost Rs63.20 a litre in Delhi while diesel will cost Rs44.95 a litre.

From 15 August 2015, petrol in Mumbai will cost Rs68.24 per litre while in Kolkata it will cost Rs68.10 per litre and in Chennai Rs63.49 per litre.

Diesel in Mumbai will now cost Rs50.04 per litre while in Kolkata it will cost Rs48.66 per litre and in Chennai RsRs46.08 per litre.

Prices of petrol and diesel were last revised with effect from 1 August 2015. Since last price change, there has been a decrease in international prices of both petrol and diesel.

The rupee depreciated against the dollar 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, Indian Oil Corporation stated in a release.

Indian Oil Corp said it will closely monitor the movement of prices in international oil market and the rupee-dollar exchange rate and developing trends of the market before fixing prices.