Petrol and Diesel Prices Slashed by 50 paise and 46 paise Respectively

Oil marketing companies (OMCs) have slashed the prices of petrol and diesel by 50 paise per litre and 46 paise per litre respectively. After the cut, petrol will cost Rs. 59.98 per litre and diesel will come at Rs. 46.09 per litre in Delhi. The decrease in prices comes as a result of fortnightly revision done by the companies to align the fuel prices in international and domestic market.

“The current level of international product prices of Petrol Diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” said an Indian Oil statement, India's largest fuel retailer.

Fuel prices majorly depend on two factors viz. exchange rate of the currency and price of crude oil in the international market. The cut in prices has come due to decreasing prices of crude oil in the market. The price of it felt drastically from Rs. 2725 (a fortnight ago) to Rs. 2304 and if Indian rupee had not been depreciating, the slash could have been much greater. The forex rate of Indian rupee came down to Rs.67 per US dollar compared to Rs. 66.21 last night.

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