Zee Media Bureau
New Delhi: Oil marketing companies on Thursday decided to cut petrol prices by Rs 1.15 per litre with effect from midnight.
However, diesel rate has been hiked by 50 paise per litre.
The reduction in petrol price was possible as international oil prices have eased. Recovery in Indian rupee against dollar also made room for the cut in petrol price.
Oil prices edged lower in Asian trade today in line with regional equities, after the US Federal Reserve kept its stimulus programme unchanged.
New York's main contract West Texas Intermediate (WTI) for December delivery slipped 20 cents to USD 96.57 in mid-morning Asian trade, and Brent North Sea crude for December dropped 30 cents to USD 109.56.
Meanwhile, the Kirit Parikh Committee has recommended Rs 5 per litre hike in diesel price.
The panel has also recommended Rs 4 per litre increase in kerosene and Rs 250 per cylinder hike in LPG rates.
First Published: Thursday, October 31, 2013, 18:39