Petrol price was on Thursday cut by 89 paise a litre and diesel by 49 paise a litre, the first decrease in rates in two months.
Petrol will cost Rs64.76 a litre in Delhi from midnight tonight as compared to Rs65.65 per litre currently, Indian Oil Corp, the nation’s largest fuel retailer, announced.
Similarly, diesel will cost Rs54.70 per litre as against Rs55.19 a litre currently.
This is the first reduction in rates in two months. Petrol price was last hiked by 5 paise a litre on June 16 and diesel by Rs1.26 a litre. Petrol prices in the four hikes since May 1 had been raised by Rs4.52 a litre, while diesel rates had gone up by Rs7.72 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 said in a statement.
Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs1.30, the upward trend in rates had been a phenomenon since March 17.