New Delhi: Reversing the four week trend of rising rates, petrol price was on Monday cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre.
The reduction, which will be effective from midnight tonight.
Prior to that, petrol price was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from April 16.
Indian Oil Corp (IOC), the nation’s largest fuel retailer, said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 – both excluding state levies.
Actual reduction in price will be more after taking into account local VAT.
Petrol in Delhi will cost Rs 65.32 a litre from tomorrow as against Rs 68.09 currently. Similarly, a litre of diesel will be priced at Rs 54.90 as compared to Rs 57.35 at present.
“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.