Zee Media Bureau
New Delhi: In a relief for vehicle owners, oil companies on Tuesday cut the prices of petrol and diesel by Rs 1.46 and rs 1.53 a litre respectively.
However, the cut by the oil companies is exclusive of VAT, which means that the actual cut will be higher.
The new prices will come into effective from mid-night tonight.
Petrol price cut by Rs 1.46 a litre, diesel by Rs 1.53 per litre with effect from midnight today
— ANI (@ANI_news) November 15, 2016
The cut comes after a string of hikes, i.e. six times, since September and will definitely be a relief for the vehicle owners.
And with this cut, petrol in Delhi will now cost Rs 65.93 a litre from mid-night tonight while taht of diesel will be Rs 54.71, Rs 1.7 lower than Rs 56.41 currently.
In the six hikes, petrol price had gone up by Rs 7.53 per litre in just over two months while the three price increases totalled Rs 3.90 a litre for diesel.
"The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement.
IOC said the movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.
Petrol price was last hiked by 89 paise per litre, excluding state levies on November 1. Diesel rate on that day was raised by 86 paise a litre, excluding state levies.