Petrol price cut by 32 p/litre; diesel to cost 28 p/litre more

In some good news for petrol car owners, the fuel price has been reduced 32 paise a litre. That of diesel, meanwhile, has seen an increase of 28 paise a litre, the Indian Oil Corporation said in a statement on February 17.

That means that from tomorrow onwards, petrol will cost Rs 59.63 per litre and diesel Rs 44.96 a litre in Delhi, with prices varying marginally in other places due to local levies.

"The current level of international product prices of petrol and diesel and the exchange rate warrant decrease in price of petrol and increase in price of diesel, the impact of which is being passed on to the consumers with this price revision," the statement said.

The movement of prices in the international oil market and the exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company further said.

The price review was delayed by two days this time even as the nation’s largest fuel retailer refused to cite the reason for the delay.

Notably, State-owned oil companies review fuel prices on the 15th and the last day of every month to align local prices with international rates and adjust for foreign exchanges.

(Image credits: BCCL)