Petrol prices cut by Rs1.12 per litre, diesel by Rs1.24 in last fortnightly revision1 min read . Updated: 15 Jun 2017, 08:17 PM IST
Thurday's was the last of fortnightly change as diesel and petrol prices will see daily revision from 16 July in sync with crude oil prices and rupee-dollar exchange rate
New Delhi: Petrol prices were on Thursday cut by Rs1.12 per litre and diesel prices by Rs1.24 per litre, the last of the fortnightly revisions after which daily revision in fuel prices will be implemented.
From tomorrow, diesel and petrol prices will be revised in sync with any movement in international oil rates. Prices will change at 6am everyday depending on movement in cost on the previous day.
Currently, prices are revised on 1st and 16th of every month based on the fortnightly average of international oil price and the rupee-dollar exchange rate.
The last of such revision was announced on Thursday when petrol price was reduced by Rs1.12 per litre, excluding state levies (VAT), and diesel by Rs1.24 a litre, said Indian Oil Corp. Ltd, the nation’s largest fuel retailer.
Actual reduction would be higher after taking into account local sales tax, or VAT.
Petrol will cost Rs65.48 a litre in Delhi on Friday as against Rs66.91 per litre currently.
A litre of diesel will cost Rs54.49 as compared to Rs55.94 at present.
Indian Oil said daily revision of petrol prices and diesel prices on pilot basis was implemented in Chandigarh, Jamshedpur, Puducherry, Udaipur and Visakhapatnam from 1 May.
“On the same lines, IOC intends to start revising retail selling prices of petrol and diesel across the country on a daily basis with effect from 16 June. The prices declared on a daily basis shall be applicable from 6am to 6am the next day," Indian Oil said in a statement.
The reduction in rate announced Thursday comes on the back of Rs1.23 a litre hike in petrol rates on 1 June and Rs0.89 a litre in diesel price.
“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 statement said.