Petrol price cut 89 paise, diesel slashed 49 paise per liter

The Oil Marketing Companies have announced a 89 paise per liter cut in petrol prices along with a 49 paise cut in diesel prices in order to align the domestic rates of the two automobile fuels with global price benchmarks.

Post the price revision, to be effective tonight, petrol will be priced at Rs 64.76 including state taxes in Delhi while diesel will be priced at Rs 54.70 per liter.

"The current level of international product prices of Petrol & 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 Corp, the nation's largest fuel retailer said in a statement.

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