Petrol rates across the country were slashed by Rs 0.58 per litre while diesel rates were slashed by Rs 0.25 per litre. The new rates will come into effect from tonight or 30th November, midnight.
Petrol will cost Rs. 60.48 per litre as compared to the current price of Rs.61.06 per litre while diesel will cost Rs.46.55 per litre against the current rate of Rs.46.80 per litre in New Delhi, as quoted by Indian Oil Corporation (IOC), the country’s largest fuel retailer.
IOC further went on to add that the current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrants a decrease in prices, the benefit of which is being passed on to consumers with this price revision. It also said that 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 be reflected in future price changes.
State-owned fuel retailers — Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.