Petrol price cut by Rs 2.25 a litre; diesel slashed by 42 paise

The petrol price was on Thursday decreased by Rs. 2.25 per litre while the prices of diesel were slashed by Rs. 0.42 per litre.

The revised prices will take effect from midnight.

Post the reduction, price of petrol in Delhi will cost Rs. 62.51 per litre.

The decrease in price of diesel by Rs. 0.42 per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of Diesel in Delhi will become Rs. 54.28 per litre.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling prices of both petrol and 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.

"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.

As per the fortnightly revision of fuel prices, the prices were last time revised on July 1 in which the cost of petrol was decreased by Rs 0.89 per litre and diesel by Rs 0.49 a litre.