Petrol price cut by Rs1.12 per litre, diesel by Rs 1.24; daily revision from tomorrow

State-run oil marketing companies have announced a reduction in the retail price of petrol by Rs1.12 per litre and that of diesel by Rs1,24 per litre, effective the intervening midnight of 15-16 June, ahead of adopting the daily price fix from Friday.

The reduction follows a decline in the international prices of crude oil and changes in rupee-dollar exchange rate, Indian Oil Corporation, the country's top oil PSU stated in a release.

State-owned OMCs had on 1 June effected a hike in petrol price by Rs1.23 per litre and a reduction in diesel price by Rs0.89 a litre on 1 June.

From tomorrow, however, prices of petrol and diesel will be fixed on a daily basis instead of a fortnightly basis.

Petrol now costs Rs65.48 a litre in Delhi against Rs66.91 per litre on Thursday. A litre of diesel costs Rs54.49 compared with Rs55.94 on Thursday.

IOC had last month implemented daily revision of retail selling price of petrol and diesel on pilot basis in Chandigarh, Jamshedpur, Puducherry town, Udaipur and Visakhapatnam.

"On the same lines, IOC intends to start revising retail selling prices of petrol and diesel across the country on a daily basis with effect from June 16. The prices declared on a daily basis shall be applicable from 6 AM to 6 AM the next day," IOC said in a statement.