Petrol price cut by 89 paise a litre, diesel cheaper by 49 paise

Petrol prices have been cut by 89 paise per litre, while diesel prices slashed by 49 paise per litre

Zee Media Bureau

New Delhi: Petrol price was on Thursday cut by 89 paise a litre and diesel by 49 paise a litre, the first decrease in rates in two months.

Petrol will cost Rs 64.76 a litre in Delhi from midnight tonight as compared to Rs 65.65 per litre currently, Indian Oil Corp, the nation’s largest fuel retailer, announced.

The reduced prices will come into effect from midnight tonight.

“The current level of international product prices of petrol and diesel and rupee-US dollar  exchange rate warrant a decrease in selling prices, the impact of which is being passed on to the consumers with this price revision," Indian Oil said in a statement. 

“The movement of prices in the international oil market and rupee-US Dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," company further added.

Last time, it was on June 15 that fuel prices were changed. Then petrol price was hiked by 5 paise a litre and diesel by Rs 1.26 per litre.

Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates had been a phenomenon since March 17. After discounting the April 16 reduction, petrol prices