Petrol price cut by Rs 1.27 per litre; diesel by Rs 1.17

Created On: 15 Aug 2015 4:21 PM IST

Petrol Price Cut By Rs 1.27 Per Litre; Diesel By Rs 1.17. Government oil marketing companies on Friday slashed the retail prices of petrol and diesel by Rs. 1.27 per litre and Rs. 1.17 per litre, respectively.

New Delhi: Government oil marketing companies on Friday slashed the retail prices of petrol and diesel by Rs. 1.27 per litre and Rs. 1.17 per litre, respectively. With this change, the price of petrol in Delhi will become Rs. 63.20/litre and the new price of diesel will be Rs. 44.95/litre. Prices of petrol and diesel were last revised on August 1.

"Since last price change, there has been a decrease in international prices of both petrol and diesel. The Indian Rupee-US dollar exchange rate has, however, depreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," Indian Oil, the largest oil marketer said in a release late on Friday.

State-owned fuel retailers — IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) — revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight. “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.

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