Price Cut: Petrol Cheaper By 31 Paise, Diesel By 71 Paise

01/07/2015 8:58 AM IST | Updated 15/07/2016 8:25 AM IST
PRAKASH SINGH via Getty Images
A petrol fuel pump is pictured at a station in New Delhi on January 16, 2013. Petrol price was hiked late January 15 night by about 35 paise per litre in line with firming raw material cost. Petrol will cost Rs 67.56 per litre in Delhi with effect from midnight, as the state government withdrew VAT exemption on the fuel. AFP PHOTO/ Prakash SINGH (Photo credit should read PRAKASH SINGH/AFP/Getty Images)

NEW DELHI — Petrol prices were on Tuesday cut by 31 paise per litre and diesel by 71 paise a litre in line with fall in international oil rates.

The cut in petrol prices comes on back of three successive increases since May, while this is the second reduction in diesel rates this month.

Petrol in Delhi will cost Rs 66.62 per litre from tomorrow instead of Rs 66.93 at present. A litre of diesel will cost Rs 50.22 per litre as against Rs 50.93 earlier, Indian Oil Corp (IOC), the nation's largest oil company, said.

Auto fuel rates were last revised on June 16 when prices of petrol were hiked by 64 paise a litre but diesel rates were cut by Rs 1.35 per litre.

"Since last price change, there has been a decrease in international prices of both petrol and diesel. Indian rupee-US dollar exchange rate has appreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," IOC said.

Prior to June 16 revision, petrol prices were hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre on May 16.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

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