Petrol prices cut by Re1 a litre, diesel cheaper by Rs2

State-owned oil marketing companies have effected a reduction in the retail selling prices of petrol and fuel, effective midnight falling between 15/16 August 2016.

Indian Oil Corporation Ltd, the country's top oil marketing company, on Monday said it has (along with other OMCs) decided to reduce the retail selling price of petrol by Rs1.00 per litre and that of diesel by Rs2.00 per litre (including state levies).

Petrol in Delhi (including state levies) will now cost Rs60.09 per litre compared with Rs61.09 a litre earlier, with corresponding price revision in other states.

Diesel in Delhi will now cost Rs50.27 per litre (including state levies) against Rs52.27 earlier, with corresponding price revision in other states.

Indian Oil said the current level of international product prices of petrol and diesel and rupee-dollar exchange rate warranted a decrease in price of petrol and price of diesel, the impact of which is being passed on to the consumers with this price revision.

The company said the it is closely monitoring the movement of prices in the international oil market and rupee-dollar exchange rate and the developing trends of the market will be reflected in future price changes.

This is the fourth reduction in auto fuel prices since July.