Petrol will become cheaper by Rs 1.12 per litre while diesel price per litre will be lower by Rs 1.24, excluding state levies, from Friday.
"The current level of international product prices of petrol and diesel and INR-USD 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," the Indian Oil Corp. said in a statement on Thursday.
"The prices declared on a daily basis shall be applicable from 6 a.m. to 6 a.m. the next day."
Petrol per litre from Friday 6.00 a.m. onwards will cost Rs 65.48 in Delhi, Rs 68.03 in Kolkata, Rs 76.70 in Mumbai and Rs 68.02 in Chennai.
Similarly, the new diesel prices will be Rs 54.49 in Delhi, Rs 56.65 in Kolkata, Rs 59.90 in Mumbai and Rs 57.41 in Chennai.
The price reduction commences the mechanism of daily petrol and diesel prices revision effective Friday.
The three state-owned OMCs -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- will daily revise the prices of the two main transportation fuels in sync with global crude oil prices.
The daily revision of Retail Selling Prices (RSPs) on a national level comes after the mechanism was successfully implemented on a pilot basis in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh and Puducherry from May 1.
The prices of the two main transportation fuels were last hiked on May 31, when petrol price was increased by Rs 1.23 per litre, while that of diesel was raised by 89 paise a litre.
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