Petrol price cut by 50 paise a litre

Petrol price cut by 50 paise a litre

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The retail price of petrol was cut marginally by Rs 0.50 a litre on Saturday, effective midnight, as part of the fortnightly price revision by oil marketing companies.

“The current level of international product prices and INR-USD exchange rate warrant a price decrease, which is being passed on to consumers with this price revision,” Indian Oil (IOC) said in a statement in the national capital.

From Sunday, the price of petrol per litre will be Rs 60.70 in Delhi, Rs 66.00 in Kolkata, Rs 67.75 in Mumbai and Rs 60.96 in Chennai.

In the previous fuel revision this month, retail diesel was hiked by Rs 0.95 a litre in Delhi, with corresponding increase in other states.

The Indian basket of crude oils traded on Thursday at $45.90 for a barrel of nearly 160 litres.