Today Petrol price incise by Rs 2.25 per litre whereas diesel rate was hack by Rs 0.42 a litre. Revised prices will take effect from midnight. This is the subsequent decrease in rates this month. In Delhi per litre of petrol will currently cost Rs 62.51, whereas diesel will cost Rs 54.28/litre. Previous on June 30, petrol price was decreased by 89 paise a litre and diesel by 49 paise a litre, the first diminishes in rates in two months. Proceeding to the decrease on June 30, rates had been augmented on four occasions as May 1. Petrol prices in the four increases had been hiked by Rs 4.52 a litre and diesel by Rs 7.72 per litre.
IOC Officials conveyed in a statement that, the present level of international product prices of petrol and diesel and Rupee-US Dollar swap over rate warrant decline in selling price of petrol and diesel, the impact of which is being passed on to the customers with this price amendment. On 16 April accepting an exemption, when price of petrol was decreased by 74 paise per litre and diesel by Rs 1.30, the uptrend in rates had been an occurrence since March 17. Subsequent to discounting the April 16 decrease, petrol prices have increased by Rs 9.04 per litre as mid-March and diesel by Rs 11.05 per litre. State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuels on the 1st and 16th of each month based on the standard oil price and foreign exchange rate in the previous fortnight. IOC also further conveyed that, the pressure group of prices in the worldwide oil market and Rupee-US Dollar exchange rate shall maintain to be monitored intimately and developing trends of the market will be reproduce in future price changes.