Petrol Price Cut by 89p per Litre and Diesel Cheaper by 49p

Petrol will now cost Rs 64.76 a litre in Delhi and diesel will cost Rs 54.70 per litre.

Petrol will cost Rs 64.76 a litre in Delhi from Thursday midnight as compared to Rs 65.65 per litre currently. (Photo: iStockPhoto)

On Thursday, petrol price cut by 89 paise a litre and diesel by 49 paise a litre; the first decrease in two months.

Petrol will cost Rs 64.76 a litre in Delhi from Thursday midnight as compared to Rs 65.65 per litre currently, Indian Oil Corp, the nation’s largest fuel retailer, announced.

Similarly, diesel will cost Rs 54.70 per litre as against Rs 55.19 a litre currently.

Petrol price was last hiked by 5 paise a litre on June 16 and diesel by Rs 1.26 a litre. In the four hikes since May 1, petrol prices had gone up by Rs 4.52 a litre, while diesel rates had gone up by Rs 7.72 per litre.

The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.

IOC Statement

Barring an exemption on April 16, when petrol prices were cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates has been a phenomenon since 17 March.

The movement of prices in the 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 added.