With international crude oil rates dropping to around $100 a barrel, petrol prices were cut Saturday by Rs.1.51 a litre excluding local taxes, effective midnight, state-run oil marketers announced.
"The current levels of international oil prices and INR-USD exchange rate warrants a decrease in selling price of petrol in the domestic market," Indian Oil said in a statement.
Diesel rates were, however, hiked by 50 paise a litre, in line with the January 2013 decision to hike diesel prices till under-recoveries, or losses, on sale of the fuel below cost are wiped out.
Following the third rate cut this month, petrol will cost Rs.68.51 a litre in Delhi, Rs.76.41 in Mumbai, Rs.76.14 in Kolkata and Rs.71.55 in Chennai.
Retail diesel will cost Rs.58.97 in Delhi, Rs.67.26 in Mumbai, Rs.63.81 in Kolkata and Rs.62.92 in Chennai.
Further, with effect from Monday, the sale price for domestic non-subsidised cooking gas cylinder will reduce by Rs.19 for a 14.2 kg cylinder, while for commercial cylinders of 19 kg, the cut will be Rs.32.50 in Delhi.
Prices of bulk diesel sold to customers like the railways have also been reduced. In Delhi, bulk diesel will be cheaper by Rs.1.32 per litre, along with a corresponding decrease in various states.
