Petrol and Diesel prices to drop from midnight

In light of the recent reduction in prices of crude oil, petrol and diesel prices will be slashed effective midnight. A litre of petrol will now cost Rs 2 less than before, while cost of diesel will be reduced by 50p. Earlier this month too petrol as well as diesel prices were slashed. In fact, this is the fifth reduction in fuel prices since July 2015. To keep the price of petrol in sync with the international rates, Oil marketing companies review the international rates every fortnight. And thankfully for the end user, prices of crude oil have been falling in the recent past. 

Petrol price in Delhi will not stand at Rs 61.20 per litre as opposed to Rs 63.20, while cost of diesel is now Rs 44.45 per litre against Rs 44.95 earlier. 

A statement on the Indian Oil Corporation Limited website read, “Since last price change, there has been a decrease in international prices of both Petrol & Diesel. However, INR-USD exchange rate has depreciated during this period. The impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease.”