JOIN USOil marketing firms have reduced prices of fuel — petrol, diesel and LPG cooking gas — following sharp fall in the international market.
With the cut in petrol price by Rs 2.43 per litre in Delhi (including state levies), the revised price is Rs 64.47.
Diesel price has been reduced by Rs 3.60 per litre and the retail price will be Rs 46.12.
“The revised prices came into effect from July 31 midnight,” said Indian Oil Corporation in a statement.
Oil marketing companies had last revised fuel prices on July 16. Since last price change, there has been a decrease in international prices of both petrol and diesel. The rupee-dollar exchange rate has, however, depreciated during this period.
Various factors
State-owned fuel retailers — IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp — 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.
In addition, the price of non-subsidised cooking fuel (LPG), which consumers buy after exhausting their quota of 12 cylinders, has been cut by Rs 23.50 per 14.2-kg cylinder.
Non-subsidised cooking gas price in Delhi has been brought down to Rs 585 per cylinder from Saturday as compared to Rs 608.50, the IOC added.
The price of non-subsidised LPG was last cut by Rs 18 per cylinder to Rs 608.50 on July 1. Subsidised LPG costs Rs 417.82 per 14.2-kg cylinder in Delhi.
“The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the statement added.