With international crude oil rates slipping towards $60 a barrel, State-run oil marketeers on Monday cut petrol and diesel rates further each by Rs2 a litre in Delhi, effective from Monday midnight.
Allowing for local levies, the prices of transport fuels will decrease correspondingly in other States, Indian Oil Corp said in a statement here.
“The prices of petrol and diesel were last revised downwards w.e.f. 1st December’14 by Rs0.91/ litre and Rs0.84/ litre respectively (including Delhi) on the back of declining international oil prices,” it added.
In October, the Government deregulated diesel prices by linking the fuel cost to market-based pricing.
The price of the Indian basket crude oil on the last trading day Friday was $60.58 per barrel (a barrel is equal to 159 litres).