New Delhi: The nation’s biggest fuel retailer Indian Oil Corporation (IOC) today announced that Petrol price was today cut by Rs 1.46 a litre and diesel by Rs 1.53 per litre, reversing the rising trend of the past few weeks.
This price reduction was announced by IOC, is excluding state levies (VAT) and the actual cut will be higher after considering them.
Petrol in Delhi will cost Rs 65.93 a litre from mid-night tonight, Rs 1.69 lower than Rs 67.62 currently. On other hand diesel will cost Rs 54.71 a litre, Rs 1.7 lower than Rs 56.41 currently.
The reduction in petrol price comes after six increases since September while in the case of diesel, it reverses three hikes of last month.
In the six hikes, petrol price had gone up by Rs 7.53 per litre in just over two months while the three price increases totalled Rs 3.90 a litre for diesel.
Petrol price was last hiked by 89 paise per litre, excluding state levies on November 1. Diesel rate on that day was raised by 86 paise a litre, excluding state levies.
The new prices of non-branded petrol in metros like New Delhi would come to Rs 65.93 per litre, Kolkata Rs 68.67, Mumbai Rs 72.29 and Chennai Rs 65.41.
The revised prices of non-branded diesel in New Delhi would come to Rs 54.71 per litre, Kolkata Rs 56.95, Mumbai Rs 60.32 and Chennai Rs 56.24.
On November 5, 2016, the three OMCs decided to raise the price of petrol and diesel by Re 0.89 per litre and Re 0.86 per litre (excluding state levies).