Days before the Delhi Assembly elections, petrol and diesel prices were slashed by Rs. 2.42 and Rs.2.25 a litre on Tuesday — the second cut in less than three weeks.
On the back of declining international prices, oil companies on Tuesday revised the price of petrol to Rs. 56.49 a litre and diesel to Rs.46.01 a litre in Delhi with effect from midnight on Tuesday. The prices were last revised downwards on January 17. Since then, while global oil prices have declined, the INR-USD exchange rate had appreciated.
“The combined impact of these factors warrant a decrease in retail selling prices of both petrol and diesel,” Indian Oil spokesperson Amresh Kapoor said. “The movement of prices in the international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” he said.
Tuesday’s price cuts — 10th in a row for petrol since August and sixth for diesel since October — have pushed petrol prices to their lowest since September 2010 and diesel prices to their lowest since March 2013.