With international crude oil rates slipping towards $70 a barrel, state-run oil marketers on Sunday cut petrol and diesel rates further respectively by 91 paise and 84 paise a litre, effective from midnightand inflation this month should reflect the price cut positively.
“The prices of petrol and diesel were last revised downwards from Nov 1 by Rs.2.41/litre and Rs.2.25/litre respectively (including state levies at Delhi) on the back of declining international oil prices,” Indian Oil Corp. said in a release here.
“The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” it added.
From Monday, petrol per litre will cost Rs.63.33 in Delhi, Rs.70.73 in Kolkata, Rs.70.95 in Mumbai and Rs.66.05 in Chennai. Diesel, correspondingly, will cost Rs.52.51 in Delhi, Rs.57.08 in Kolkata, Rs.60.11 in Mumbai and Rs.55.93 in Chennai.
Last month, 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 on Friday was $72.51 per barrel. A barrel is equal to 159 litres.