With global crude prices falling below the $60 a barrel mark and rupee appreciating, petrol prices on Tuesday were cut by 31 paise per litre and diesel by 71 paise a litre.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 now cost Rs66.62 per litre from Tuesday midnight instead of Rs66.93 at present. Similarly a litre of diesel will cost Rs50.22 per litre as against Rs50.93 earlier, Indian Oil Corporation (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 Rs1.35 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,” IOC said.