Marginal relief: Petrol cost cut by 31 paise/litre, diesel by 71 paise

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New Delhi: Petrol prices were on Tuesday cut by 31 paise per litre and diesel by 71 paise a litre in line with tumble in general oil rates and rupee appreciation.

Representational image. AFPRepresentational image. AFP

Representational image. AFP

The cut in petrol prices comes on behind of 3 unbroken increases given May, while this is a second rebate in diesel rates this month.

Petrol in Delhi will cost Rs 66.62 per litre from tomorrow instead of Rs 66.93 during present. A litre of diesel will cost Rs 50.22 per litre as opposite Rs 50.93 earlier, Indian Oil Corp (IOC), a nation’s largest oil company, said.

Auto fuel rates were final revised on Jun 16 when prices of petrol were hiked by 64 paise a litre though diesel rates were cut by Rs 1.35 per litre.

“Since final cost change, there has been a diminution in general prices of both petrol and diesel. Indian rupee-US dollar sell rate has appreciated during this period. Combined impact of both these factors warrants a downward rider in prices, a impact of that is being upheld on to a consumers with this cost decrease,” IOC said.

Prior to Jun 16 revision, petrol prices were hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre on May 16.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) correct petrol and diesel prices on 1st and 16th of each month formed on normal alien cost and rupee-dollar sell rate in a prior fortnight.

“The transformation of prices in general oil marketplace and Rupee-USD sell rate shall continue to be monitored closely and building trends of a marketplace will be reflected in destiny cost changes,” IOC matter added.