Petrol price has been cut by 3 rupees 77 paise per litre and diesel by 2 rupees 91 paise per litre, excluding state levies. The new rates came into effect midnight. Petrol will now cost 66 rupees 29 paise a litre in Delhi, 68 rupees 97 paise in Kolkata, 72 rupees 66 paise in Mumbai and 69 rupees 28 paise a litre in Chennai. Similarly Diesel price will now cost 55 rupees 61 paise a litre in Delhi, 57 rupees 86 paise a litre in Kolkata, 61 rupees 27 paise in Mumbai and 58 rupees 82 paise a litre in Chennai.
In a statement, Indian Oil Corporation said that the current level of international oil prices and Rupee-US Dollar exchange rate warrant decrease in selling price of Petrol and Diesel. The statement said, the benefit of these factors is being passed on to the consumers with this price revision. The three state-run oil marketing firms Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and usually revise them every fortnight to pass on the impact of global crude oil prices to consumers.