Diesel price cut by Rs 1.30 per litre; petrol made cheaper by 74 paise

State-run oil marketing companies on Friday announced a Rs1.30 per litre reduction in the retail selling price of diesel and a 74 paise per litre reduction in the price of petrol, effective midnight intervening Friday and Saturday.

With this reduction petrol in Delhi will cost Rs61.13 per litre against Rs61.87 earlier, Indian Oil Corporation said in a statement announcing the price cut.

Post reduction, petrol will cost, Rs65.63 a litre in Mumbai, Rs64.90 a litre in Kolkata and Rs60.58 a litre in Chennai.

Diesel now costs Rs48.01 a litre in Delhi against Rs49.31 per litre earlier, while it will cost Rs53.49 a litre in Mumbai, Rs50.48 a litre in Kolkata and Rs48.76 a litre in Chennai, Indian Oil stated in a release.

The reduction comes after two straight increases in petrol prices – by Rs3.07 a litre on 17 March and by Rs2.19 per litre on 4 April.

Diesel price saw four straight hikes in the recent past, including a Rs0.98 per litre hike on 4 April, which adds up to Rs4.63 per litre hike over the past two months.

State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise fuel prices on the 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.