New Delhi: Third reduction in rates this month is on global cues. Today Petrol price decrease by Rs 1.42 a litre and diesel by Rs 2.01 per litre. Indian Oil Corp, the nation's largest fuel retailer has further conveyed that, in Delhi from midnight Petrol will cost Rs 61.09 a litre as compared to Rs 62.51 a litre presently. Likewise, diesel will cost Rs 52.27 per litre as next to Rs 54.28 at present. On July 16 Petrol price was previous decrease by Rs 2.25 a litre. Diesel rate on that date was decreased by Rs 0.42 a litre. On July 1 petrol price was decreased by 89 paise a litre and diesel by 49 paise. Prior to the decrease in July, rates had been increase on four occasions since May 1. Petrol prices in the four climbs had been lifted by Rs 4.52 a litre and diesel by Rs 7.72 per litre.
IOC has also further conveyed in a statement that, the present level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant reduce in selling price of petrol and diesel, the impact of which is being passed on to the customers with this price revision. On April16, barring an exception, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates had been a phenomenon since March 17. Subsequent to discounting the April 16 decrease, petrol prices have increased by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 per litre. IOC has also further conveyed that, the association of prices in the international oil market and Rupee-USD exchange rate shall carry on to be monitored closely and developing trends of the market will be reflected in future price changes.