Petrol prices have been cut by Rs3.77 per litre and diesel prices by Rs 2.91 per litre from midnight tonight.
State-owned oil retailers Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. cut fuel price sharply, passing on to consumers benefits of the softening global prices and of the strengthening rupee against the dollar.
A statement from Indian Oil Corp. said that with effect from 1st April, petrol price has been cut by Rs 3.77 a litre and diesel price by Rs 2.91 a litre, excluding state levies.
“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and currency exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the statement said.