This new year brought with it a good news to celebrate as price of petrol was slashed down by 63 paise and the diesel by Rs. 1.06. This was the third price cut announced in the December alone. On 1st of December the price of petrol was cut down by 50 paise followed by another one at 16th of December by 50 paise per litre. Diesel prices were also revised on the said dates by a cut down of 46 paise and 25 paise per litre on the respective dates. The current price of petrol today in the capital stands Rs 59.35 per litre and diesel at Rs 46.09 per litre.
Petrol and diesel prices in India are linked to market rates. Retailers like Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation review the statistic every fortnight and decide on the price of fuel based on the average import cost and rupee-dollar exchange rate in the previous two weeks.
IOC, the country’s largest fuel retailer, said in a statement, “The current level of international product prices of Petrol and Diesel and rupee-dollar exchange rate warrant a decrease in prices, 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 shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.
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