Petrol price decreased by Rs 1.46 per litre and diesel by Rs 1.53 per litre, the last increase in petrol price was by Rs 0.89 per litre and diesel by Rs 0.86 per litre.
Revised price has been announced by IOC (Indian Oil Cooperation). Petrol in Delhi will cost Rs 65.93 per litre and Diesel will cost Rs 54.71.
IOC said in a statement, “The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to 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”.
On 5th November, petrol price was hiked by 89 paise per litre, the sixth increase in rates since September. In the contemporary scenario abundance of things are going on , including demonetisation, variations in currency and global prices which has also affected the oil sector.