Petrol price was on Monday cut by 58 paise per litre while diesel was
made cheaper by 25 paise per litre. Revised prices will take effect from
the midnight of November 30 and December 1.
After this revision, the price of petrol in Delhi will become Rs. 60.48 a litre, while that of diesel will be Rs 46.55 a litre, Indian Oil Corporation said.
"The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," said Indian Oil Corporation, the country's largest oil retailer.
Fuel prices were last revised on November 15 when the price of petrol was increased by 36 paise per litre while that of diesel was upped by 87 paise per litre.
Petrol and diesel prices are deregulated. State-owned fuel retailers - IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) - revise petrol and diesel prices on the 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
The government earlier this month hiked excise duty on the fuels to mop up additional revenue in order to meet budgetary targets. Excise duty on petrol was raised by Rs 1.60 per litre while that on diesel was increased by 40 paise a litre.
After this revision, the price of petrol in Delhi will become Rs. 60.48 a litre, while that of diesel will be Rs 46.55 a litre, Indian Oil Corporation said.
"The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," said Indian Oil Corporation, the country's largest oil retailer.
Fuel prices were last revised on November 15 when the price of petrol was increased by 36 paise per litre while that of diesel was upped by 87 paise per litre.
Petrol and diesel prices are deregulated. State-owned fuel retailers - IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) - revise petrol and diesel prices on the 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
The government earlier this month hiked excise duty on the fuels to mop up additional revenue in order to meet budgetary targets. Excise duty on petrol was raised by Rs 1.60 per litre while that on diesel was increased by 40 paise a litre.
