Petrol price cut by Rs 3.02 per litre, diesel price raised by Rs 1.47 per litre

The price changes were affected after aligning them with the global rates

The Oil Marketing Companies (OMCs) today slashed prices of petrol by Rs 3.02 per litre and raised diesel rates by Rs 1.47 per litre in order to align the domestic rates of the automobile fuels with global benchmarks.

Post today's price change, to be effective from tonight, petrol will be priced at Rs 56.61 per litre including state taxes in Delhi while a liter of diesel will cost Rs 46.43 per litre.

"The current level of international product prices of petrol and diesel and the Rupee-Dollar exchange rate warrant decrease in price of petrol and increase in price of diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corporation (IOC), the nation's largest fuel retailer, said in a statement.

It added that the movement of prices in the international oil market and the Rupee-Dollar exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes.

Petrol and diesel prices were last revised on 17 February when petrol cost was cut by 32 paise per litre to Rs 59.63 per litre and the diesel prices were raised 28 paise per liter to Rs 44.96 per litre.

The OMCs also cut prices of subsidised cooking gas by a marginal 9 paise to Rs 419.13 per 14.2 Kilogram cylinder. The prices of non-subsidised cooking were also cut 10.6 per cent to Rs 513.50 per culinder.