KOCHI: After a long time petrol prices have dipped below Rs 60 per litre in two districts in the state: Ernakulam and Kannur.
In all other districts the price stands a little above Rs 60 per litre. The oil companies, reduced the prices by Rs 2.57 per litre for petrol and Rs 2.47 per litre for diesel from Tuesday midnight.
In Alappuzha, Kottayam, Ernakulam, Kozhikode and Kannur districts the price of diesel per litre has come down below Rs 50.Â
The price cut happened as crude oil price continues to remain below $50 per barrel.
According to Indian Oil Corporation (IOC), the latest revision was done keeping in account the deceleration of prices globally and the appreciation in rupee-dollar exchange rate.
This is the third time since the beginning of 2015, that the prices of both the transportation fuels have been reduced.
The latest cut in fuel prices comes days ahead of February 7 polling for the Delhi Assembly, for which the BJP is locked in a fierce battle with the AAP.
Even after the price reduction, state fuel retailers are making a margin of Rs 4 a litre on petrol and about Rs 3.6 per litre on diesel which they want to use for recouping the inventory losses.
After the price cuts, petrol price is the lowest since September 2010 while diesel is cheapest since March 2013.