Petrol price was on Tuesday cut by Rs 0.31 a litre, while that of diesel was cut by Rs 0.71 per litre on the back of declining international oil prices.
The price changes will be effective midnight of June 30 or July 1, country’s largest fuel retailer Indian Oil Corp said in a statement.
Since last price change, there has been a decrease in international prices of both petrol and diesel, it said, adding that during the period rupee-USD exchange rate has appreciated.
“Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” IOC said.
Post Tuesday's reduction, petrol will be priced at Rs. 66.62 in Delhi, Rs. 74.09 in Kolkata, Rs. 74.52 in Mumbai and Rs. 69.84 in Chennai. Likewise, diesel will cost Rs. 50.22 in Delhi, Rs. 54.75 in Kolkata, Rs. 57.64 in Mumbai and Rs. 53.52 in Chennai.
IOC said the movement of prices in 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.
