NEW DELHI: The price of petrol was cut by 58 paise per litre and that of diesel by 25 paise today, reversing the trend of increasing rates, on global cues.
According to the new prices, Petrol will now cost Rs. 60.48 per litre from mid-night tonight in Delhi as against Rs. 61.06 (rpt) 61.06 a litre currently.
A litre of diesel will cost Rs. 46.55 from tomorrow compared with the Rs. 46.80 now, stated Indian Oil Corporation (IOC), the nation's biggest fuel retailer.
The price cut more than reverses the hike of 36 paise a litre in petrol rates effected from November 16, the first increase in five months.
Similarly, in the case of diesel, it reverses the three rounds of hikes since October, the last being 87 paise a litre on November 16.
"The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrants a decrease in prices, the impact of which is being passed on to consumers with this price revision," IOC said in a statement here.
Rates of diesel were last cut by 50 paise on September 1. State-owned fuel retailers like 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 the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the IOC statement added.