Diesel price cut by Rs 1.30 per litre, petrol by 74 paise

Petrol in Delhi will cost Rs 61.13 per litre from the mid-night tonight as against Rs 61.87 currently. Similarly, a litre of diesel will cost Rs 48.01 compared with Rs 49.31 at present.

Zee Media Bureau

New Delhi: Petrol price on Friday cut by 74 paise a litre and diesel by Rs 1.30 per litre.

Petrol in Delhi will cost Rs 61.13 per litre from the mid-night tonight as against Rs 61.87 currently, said Indian Oil Corporation, the nation's biggest fuel retailer. Similarly, a litre of diesel will cost Rs 48.01 compared with Rs 49.31 at present.

The reduction comes on back of two straight increases in petrol prices - Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4, and four straight hikes in diesel prices. Diesel price was last hiked on April 4 by Rs 0.98 a litre and three previous increases totaled Rs 3.65 per litre.

State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.