New Delhi: Indian Oil Corporation (IOC) on Tuesday slashed the price of petrol by 50 paise per litre and that of diesel by 46 paise per litre as international oil prices fell to a near 11-year low.
The new prices of petrol and diesel will come into effect from Tuesday midnight.
With this change, the price of Petrol in Delhi will become Rs 59.98 per litre and diesel will cost Rs 46.09/litre.
In a press statement, IOC said: “The current level of international product prices of petrol and diesel and the rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision.”
On November 31, oil companies had cut the price of petrol by 58 paise while that of diesel was cut by 25 paise.
However, earlier on November 16, oil companies had hiked the prices of petrol and diesel by 36 paise and 87 paise respectively.