Petrol prices slashed by 89 paise, diesel by 49 paise

Petrol and diesel prices in the country have been cut by 89 paise and 49 paise respectively. The new prices will be applicable from the midnight of Thursday, 30th June 2016.

This price revision is the first ever drop in the past two months. The last revision was made on 16th June, which saw a hike of 5 paise in petrol and an increase of Rs. 1.26 in diesel prices. Fuel prices have been constantly following a rising curve from May 1, and after the continuous four hikes, petrol had become costlier by Rs. 4.52/litre, while diesel rose by Rs. 7.72/litre.

After yesterday's price cut, Petrol now costs Rs. 64.76 per litre in Delhi, while Diesel is tagged at Rs. 54.70 per litre.

Following orders from the Government of India, State-owned fuel retailers like Bharat Petroleum Corporation Ltd. (BPCL), Indian Oil Corp (IOC), and Hindustan Petroleum Corporation Ltd (HPCL) monitor factors like international oil prices and USD-INR exchange rates. A decision to modify the fuel prices is taken every fortnight, on the 1st and 16th of each month, based on the aforementioned market trends.

Source: PTI