The price of petrol has been cut by 91 paise a litre and of diesel by 84 paise on declining international oil prices. This is the seventh reduction in petrol price since August and the third since October in the case of diesel.
The new prices are effective from Sunday midnight, Indian Oil Corporation said in a statement.
“Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend,” the company said. “The rupee-dollar exchange rate has, however, appreciated since the last price change. The combined impact of both these factors warrants a decrease in retail selling prices of both petrol and diesel.”
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The petrol and diesel prices were previously reduced on November 1 by Rs. 2.41 and Rs. 2.25 a litre, respectively. Post-reduction, petrol will cost Rs. 63.33 in Delhi; Rs. 70.73 in Kolkata; Rs. 70.95 in Mumbai; and Rs. 66.05 in Chennai. Diesel will cost Rs. 52.51 in Delhi; Rs. 57.08 in Kolkata; Rs. 60.11 in Mumbai; and Rs. 55.93 in Chennai.