Petrol prices cut by Rs 2.16 per litre & diesel by Rs 2.10

New Delhi: Petrol prices were on Monday cut by Rs 2.16 per litre and diesel by Rs 2.10 per litre, reversing the four-week trend of rising fuel prices.

The reduction, which will be effective from Monday midnight, comes on back of a marginal 2 paise per litre increase in petrol and 52 paise per litre hike in diesel rates effected from 1 May. Prior to that, petrol prices was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from 16 April.

Indian Oil Corp. (IOC), the nation’s largest fuel retailer, said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 both excluding state levies.

Actual reduction in price will be more after taking into account local VAT. Petrol in Delhi will now cost Rs 65.32 a litre from Tuesday as against Rs 68.09 currently. Similarly, a litre of diesel will be priced at Rs 54.90 as compared to Rs 57.35 at present.

“The current level of international product prices of petrol and diesel and Rupee-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”.

The movement of prices in the international oil market and Rupee-Dollar exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.