Petrol price cut by 50 paisa a litre, diesel to cost 46 paisa less

State-run oil marketing companies have effected a downward revision in the retail selling price of petrol by 50 paise per litre and that of diesel by 46 paise per litre.

Accordingly, the price of petrol in Delhi will be Rs59.98 per litre with effect from midnight tonight while diesel in Delhi will cost Rs46.09 per litre, Indian Oil Corporation Ltd, the country's largest fuel retailer, said.

IOC said the revised prices in other cities and states will depend on the level of state government levies.

The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision, IOC stated in its release.

The average price of the Indian crude basket stands at around $34 a barrel.

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

On 31 November, oil companies had cut the price of petrol by 58 paisa and that of diesel by 25 paisa.

However, earlier on 16 November, OMCs had hiked the prices of petrol and diesel by 36 paise and 87 paise, respectively.