With international crude oil rates slipping towards $60 a barrel, state-run oil marketeers Monday cut petrol and diesel rates further each by Rs.2 a litre in Delhi, effective midnight.
Allowing for local levies, the prices of transport fuels will decrease correspondingly in other states, Indian Oil Corp said in a statement here.
"The prices of petrol and diesel were last revised downwards w.e.f. 1st December'14 by Rs. 0.91/ litre and Rs. 0.84/ litre respectively (including state levies at Delhi) on the back of declining international oil prices," it added.
In October, the government deregulated diesel prices by linking the fuel cost to market-based pricing.
The price of the Indian basket crude oil on the last trading day Friday was $60.58 per barrel. A barrel is equal to 159 litres.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app