New Delhi: Following a sharp fall in the international market, oil marketing firms have reduced prices of fuel- petrol, diesel and LPG cooking gas.
With the reduction in petrol price by Rs 2.43 per litre in Delhi (including state levies), the revised price is Rs 64.47. Diesel prices having been reduced by Rs 3.60 per litre, the retail price will be Rs 46.12.
“The revised prices came into effect from July 31 midnight”, said Indian Oil Corporation in an official statement.
Since the last price change, which was on July 16 2015, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rates have, however, depreciated during this period”, they added.
State-owned fuel retailers like IOC, Bharath Petroleum Corp and Hindusthan Petroleum Corp revise petrol and diesel prices on the 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
LPG rates cut:
In addition, the price of non-subsidised cooking fuel (LPG) prices, which are bought by consumers after exhausting their quota of 12 cylinders, has been cut by Rs 23.50 per 14.2 Kg cylinder. In Delhi, the price of the same has been brought down to Rs 585 per cylinder from Saturday as compared to Rs 608.50, the IOC added.
“The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes”, the statement added.
