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Another Cut in Petrol and Diesel Prices

This is the third cut in Petrol prices since the month of May while second reduction in Diesel price this month. Petrol in Delhi will cost now 66.62 per litre from today instead of Rs. 66.93 earlier while the Diesel will cost Rs. 50.22 per litre as against Rs. 50.93 earlier. According to the news made available by PTI Petrol prices were cut by 31 paise per litre and Diesel prices by 71 paise per litre in line with fall in the rates of oil in the international market and rupee appreciation. Every price cut is good news for the people as it helps to reduce the daily running cost.

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. “The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” IOC statement added

Source: PTI

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