Petrol to cost 50 paise less per litre, diesel prices unchanged

Indian Oil Corporation Ltd today announced a 50 paise per litre reduction in the retail selling price of petrol in Delhi (including state levies) with corresponding price revision in other states effective midnight tonight (31 October / 1 November) 2015.

With this change, the petrol in Delhi will cost Rs60.70 per litre against Rs61.20 currently.

Indian Oil Corp and other state-run oil marketing companies, however, kept diesel prices unchanged.

This is first change in petrol price since 1 September when it was cut by Rs 2 per litre to Rs61.20 in Delhi. Subsequent fortnight did not see any rate change in petrol.

Diesel rates though not changed today, had been hiked twice since 1 September -  by 50 paise on 1 October and by 95 paise on 16 October. Diesel prices on September 1 were reduced by 50 paise a litre.

The current level of international product prices and rupee-dollar exchange rate warrant a price decrease, which is being passed on to consumers with this price revision, Indian Oil Corp said in a release.

''The movement of prices in the 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,'' it added..

State-owned fuel retailers - IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) - revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.