This is the second reduction in rates this month. Petrol price was cut by 89 paise a litre and diesel by 49 paise on July 1.
Petrol price was on Friday cut by Rs. 2.25 a litre and
diesel by 42 paise a litre, the second reduction in rates this month on
global cues.
Petrol will cost Rs. 62.51 a litre in
Delhi from Friday midnight as compared to Rs. 64.76 per litre currently,
said Indian Oil Corp, the nation’s largest fuel retailer.
Similarly, diesel will cost Rs. 54.28 per litre as against Rs. 54.70 currently.
This is the second reduction in rates this month. Petrol price was cut by 89 paise a litre and diesel by 49 paise on July 1.
Prior
to the reduction this month, rates had been hiked on four occasions
since May 1. Petrol prices in the four hikes had been raised by Rs. 4.52
a litre and diesel by Rs. 7.72 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 Rs 1.30, the upward trend in rates had been a
phenomenon since March 17.
After discounting the
April 16 reduction, petrol prices have jumped by Rs 9.04 per litre since
mid-March and diesel by Rs. 11.05 per litre.
The
movement of prices in the 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, IOC
added.
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