16/07/2016 7:48 AM IST | Updated 16/07/2016 7:57 AM IST

Petrol Prices Slashed By ₹2.25 A Litre, Diesel By 42 Paise

Now, petrol will cost ₹62.51 per litre in Delhi.

Rupak De Chowdhuri / Reuters
An attendant holds a petrol nozzle at a petrol pump in the northeastern Indian city of Siliguri January 4, 2008. India's No. 1 oil retailer Indian Oil Corp is losing 1.7 billion rupees ($43.1 million) a day from selling cheap fuels and the government must allow prices to be market driven, its chief said on Thursday. REUTERS/Rupak De Chowdhuri (INDIA)

NEW DELHI -- The petrol price was on Thursday decreased by Rs. 2.25 per litre while the prices of diesel were slashed by Rs. 0.42 per litre.

The revised prices will take effect from midnight.

Post the reduction, price of petrol in Delhi will cost Rs. 62.51 per litre.

The decrease in price of diesel by Rs. 0.42 per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of Diesel in Delhi will become Rs. 54.28 per litre.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling prices of both petrol and diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corporation (IOC), the nation's largest fuel retailer, said in a statement.

"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," it added.

As per the fortnightly revision of fuel prices, the prices were last time revised on 1 July in which the cost of petrol was decreased by Rs 0.89 per litre and diesel by Rs 0.49 a litre.