Petrol price cut by Rs1.46 a litre, diesel to cost Rs1.53 less

After six rounds of upward revision in auto fuel prices since September, state-run oil marketing companies on Tuesday announced a downward revision in the retail prices of petrol and diesel, offering some respite for vehicle owners.

Accordingly, prices of petrol and diesel stands reduced by Rs1.46 and Rs1.53, respectively, per litre past the midnight of Tuesday.

The reduction in prices is exclusive of VAT and the actual reduction in prices may be slightly higher, depending on the level of local taxes.

With this cut, petrol in Delhi will cost Rs65.93 a litre while diesel will cost Rs54.71 per litre.

A litre of non-branded petrol in Mumbai will cost Rs72.29 while it will cost Rs68.67 in Kolkata and Rs65.41 in Chennai.

A litre of diesel will cost Rs60.32 in Mumbai, Rs56.95 in Kolkata and Rs56.24 in Chennai.

Against this, petrol price had gone up by Rs7.53 per litre in just over two months while the three price increases totalled Rs3.90 a litre for diesel during the period.

"The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement.

IOC said 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.

Petrol price was last hiked by 89 paise per litre, excluding state levies on 1 November. Diesel rate on that day was raised by 86 paise a litre, excluding state levies.