Petrol price cut by Rs1.42 a litre, diesel to cost Rs2.01 less

State-run oil marketing companies have reduced the retail price of petrol by Rs1.42 a litre and that of diesel by Rs2.01 per litre effective 1 August 2016.

Retail selling price of petrol has been reduced by Rs1.42 a litre in Delhi (including state levies) with corresponding price revision in other states. Petrol will now cost Rs61.09 a litre in Delhi from 1 August compared to Rs62.51 a litre earlier, Indian Oil Corp, the nation's largest fuel retailer, stated in a statement.

Retail selling price of diesel has been reduced by Rs2.01 a litre in Delhi (including state levies) with corresponding price revision in other states. With this change, diesel in Delhi will now cost Rs52.27 a litre. This is the third reduction in the prices of petrol and diesel this month, Indian Oil Corp stated in its release

The price reduction has been warranted by the current level of international product prices of petrol and diesel and rupee-dollar exchange rate, the impact of which is being passed on to the consumers with this price revision, according to the release.

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

Non-branded petrol will now cost Rs65.70 per litre in Mumbai, Rs64.97 per litre in Kolkota and Rs60.65 per litre in Chennai.

Non-branded diesel will cost Rs57.47 per litre in Mumbai, Rs54.57 per litre in Kolkata and Rs53.73 per litre in Chennai.