New Delhi: Petrol prices on Friday were decreased by Rs. 2.25 per litre and diesel by 42 paise. One litre of petrol will now cost Rs 62.51, while diesel will cost Rs 54.28/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.
The revised prices will be effective from 16 July onwards.
Petrol price decreased by Rs. 2.25/litre, diesel price decreased Rs. 0.42/litre. with effect from midnight, tonight.
— ANI (@ANI_news) July 15, 2016
This is for the second time that the rates have been slashed in one month. On July 1, petrol price was cut by 89 paise a litre and diesel by 49 paise.