NEW DELHI: Petrol and diesel prices were on Tuesday slashed by Rs 2.42 per litre, Rs 2.25 per litre respectively as international oil prices slumped to new low.
New rates will be effective from the midnight of February 4.
With international crude oil prices continuing to rule below $50 per barrel, the three state-run oil marketing companies (OMCs) Tuesday decided to reduce petrol and diesel prices.
As a result of the latest price revision, consumers would have to shell out Rs 56.49 per litre for petrol and Rs 46.01 per litre for diesel at the fuel stations in the national capital (subject to state levies).
Currently, petrol is priced at Rs 58.91 per litre and diesel cost per litre is pegged at Rs 48.26.
According to Indian Oil Corporation (IOC), the latest revision was done keeping in account the deceleration of prices globally and the appreciation in rupee-dollar exchange rate.
"The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel," IOC said.
On Jan 16, the three state-run OMCs had cut petrol price by Rs 2.42 a litre and that of diesel by Rs 2.25 per litre.
This is the third time since the beginning of 2015, that the prices of both the transport fuels have been reduced.
