Petrol in Delhi will now cost Rs 66.62 per litre from 1 July instead of current Rs 66.93 per litre. At the same time, diesel will cost Rs 50.22 per litre as against Rs 50.93 per litre, stated Indian Oil Corporation in a statement.
The slash in petrol rates comes on the back of three consecutive increases, while this is the second reduction in diesel rates this month.
“Movement of prices in the global oil market and Rupee-USD exchange rate shall continue to be watched and developing trends will reflect in future price changes,” read the IOC statement.
“Since the past price change, there has been a fall in global prices of petrol and diesel. During this period, Indian Rupee-US$ exchange rate increased and due to these factors the impact of decrease in prices is being passed on to consumers,” said the IOC.
Fuel retailers IOC, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation revise petrol and diesel prices twice every month based on the average imported cost and Rupee-USD exchange rate the previous fortnight.
Auto fuel rates were last revised on June 16 when prices of petrol were hiked by 64 paise a litre but diesel rates were cut by Rs 1.35 per litre.