New Delhi, Nov 01, 2015: Petrol price will be cut by 50 paise per litre with effect from midnight tonight while there will be no change in diesel rates.
Petrol price was last revised on September 1 when it was cut by Rs 2 per litre to Rs 61.20 in Delhi. Petrol will cost Rs 60.70 per litre in Delhi from midnight tonight.
On the contrary, diesel price was on October 15 hiked by 95 paise per litre. The second increase in price, diesel came at Rs 45.90 per litre with as against Rs 44.95 earlier.
"The current level of international product prices and Rupee-US Dollar exchange rate warrant a price decrease, which is being passed on to consumers with this price revision," IOC said in a statement.
"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," the IOC statement added.
State-owned fuel retailers -- Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (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.