In a second reduction in the last almost four months, petrol prices were on Thursday cut by Rs 1.09 per litre, even as diesel rates underwent the usual monthly hike of 50 paise a litre.
The revised rates will be effective from early hours of Friday, Indian Oil Corporation (IOC) said in a statement. Petrol in Delhi will subsequently cost Rs 72.51 per litre from as against Rs 73.60 a litre currently. Similarly, diesel will be priced at Rs 58.40 per litre as compared to the prevailing Rs 57.84 per litre (including VAT).
Petrol prices were reduced following drop in international oil rates and rupee depreciation against the US dollar, making imports cheaper. For the same reason, price of bulk diesel, which unlike the subsidised fuel available at petrol pumps is priced at market rate, has been cut by 72 paise per litre.
Price of bulk diesel, which as per Government policy is meant for large consumers like state road transport corporations, railways and defence, was last revised on July 16 when rates were cut by Rs 1.09 to Rs 59.32 per litre.