This is the second reduction in rates this month. A litre of petrol in Delhi will now cost Rs 62.51, while diesel will cost Rs 54.28/litre. Yes, Petrol price was reduced by Rs 2.25 per litre while diesel rate was slashed by Rs 0.42 a litre. Revised prices will take effect from midnight.
State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and HindustanPetroleum Corp Ltd (HPCL) revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.
“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,The movement of prices in the international oil market and Rupee-US Dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” IOC said in a statement.