New Delhi: Petrol price was on Saturday cut by 50 paise per litre while that of diesel was kept unchanged. The revised rates will take effect from midnight of Saturday and Sunday.
From Sunday, petrol will cost Rs 60.70 a litre in Delhi with prices varying marginally in other places due to local levies.
This marks the second revision in petrol prices in October. Fuel prices were last revised on October 15, when diesel was made more expensive by 95 paise per litre while the price of petrol was kept unchanged. Prior to that, petrol and diesel prices were increased by 50 paise on October 1.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) review the price of petrol and diesel every fortnight based on average import cost and rupee-dollar exchange rate.
The rupee, which plays an important role in determining prices of the fuels, ended at 65.26 on Friday. It is down 0.7% since October 15.