Petrol and diesel prices reduced further

The price of petrol was reduced by 32 paise per litre, while diesel rate per litre was lowered by 85 paise on Friday.

A decision was taken to this effect on the back of a softening global oil market. Revised prices will take effect from midnight today.

Petrol in Delhi will cost Rs. 59.03 per litre, as against Rs. 59.35 currently, whereas a litre of diesel will cost Rs 44.18 per litre as against Rs 45.03 until now, after this revision, the Indian Oil Corporation (IOC) said in a release.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," the release said.

"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," it added.