Petrol price cut by Rs2.25 per litre, diesel to cost 42 paise less

State-run oil marketing companies on Friday announced a reduction in the retail price of petrol by Rs2.25 per litre and that of diesel by 42 paise per litre.

Announcing the revised rates, Indian Oil Corporation Ltd said effective midnight of 15-16 July 2016, the price of petrol in Delhi (including state levies) will become Rs62.51 per litre.

Diesel in Delhi (including state levies) will now cost Rs54.28 a litre.

A litre of non-branded petrol will now cost Rs67.11 in Mumbai, Rs66.03 in Kolkata and Rs62.00 in Chennai.

A litre of non-branded diesel will cost Rs59.60 in Mumbai, Rs56.48 in Kolkata and Rs55.82 in Chennai.

Prices of petrol and diesel will vary with corresponding levies after the price revision, Indian Oil stated in a release.

Indian Oil said the decision to reduce fuel prices has been taken in the light of the current level of international prices and the rupee-dollar exchange rate, so as to pass on the impact of the changes to the consumers.

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