Zee Media Bureau
New Delhi: Passing on the benefits of a drop in international crude oil prices, public sector oil marketing companies on Wednesday announced a reduction in auto fuel prices.
The retail price of petrol has been cut by 49 paise per litre and that of diesel by Rs 1.21 per litre. With this change, the price of diesel in Delhi will become Rs 48.50/litre while petrol will cost Rs 60 per litre.
The reduction in rates will be effective from midnight tonight.
Prices of petrol in Delhi will be Rs 60 a litre from tomorrow as against the current Rs 60.49, while diesel will cost Rs 48.50 per litre as compared with Rs 49.71 currently, Indian Oil Corp (IOC), the nation's largest oil company, said.
The reduction follows two rounds of price hikes in February and March -- first by Rs 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16 and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1.
Prior to these increases, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014.
Petrol and diesel prices in India are deregulated and linked to market rates.
