Petrol price cut by Rs.3.02 a litre, diesel hiked by Rs.1.47

State-run Indian Oil Corp. moved in contrary directions on Monday, cutting the petrol price by Rs.3.02 a litre, but raising diesel by Rs.1.47, both at Delhi, with corresponding changes in other states and effective from midnight.

Indian Oil had moved contradictorily in its previous revision of transport fuel prices too on February 17, cutting petrol price by 32 paise a litre, while increasing diesel price by 28 paise, with global oil prices pulling back a little from their earlier plunge.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in price of petrol and increase in price of diesel," Indian Oil said while announcing the fortnightly revision in fuel prices.

Petrol per litre from Tuesday will cost Rs.56.61 in Delhi, Rs.62.32 in Kolkata, Rs.62.75 in Mumbai and Rs.56.08 in Chennai.

The price of diesel per litre will be Rs.46.43 in Delhi, Rs.49.57 in Kolkata, Rs.53.06 in Mumbai and Rs.47.13 in Chennai.

The Indian basket of crude oils closed trade on Friday at $32.53 per barrel of 159 litres, which was up from its previous close at $31.01.