In a reprieve for consumers, the Indian Oil Corporation has decided to cut down petrol price by Rs 3.77 and diesel prices by Rs 2.91. The prices would be effective from Friday midnight.
This price will exclude the state levies for both petrol and diesel.
"The current level of international product prices ofpetrol and diesel and INR-USD exchange rate warrant decreasein selling price of petrol and diesel, the impact of which isbeing passed on to the consumers with this price revision,"IOC said in a statement.
Petrol currently costs Rs 71.14 a litre in Delhi andDiesel is priced at Rs 59.02 per litre. Petrol price will be cut by Rs 3.77 per litre, excludingstate levies, said Indian Oil Corp (IOC).
Actual decrease willbe larger after taking into account the local levies. Similarly, diesel rate was cut by Rs 2.91, excludingstate levies.
Rates were last revised on January 16 when price ofpetrol went up by 54 paise. On that date, diesel rates werehiked by Rs 1.20 a litre.
IOC said 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 bereflected in future price changes