Indian Oil companies reduce petrol price by Rs 2.41/litre, diesel by Rs 2.25/litre

New Delhi/October 31 (NG News)
Indian Oil companies on Friday reduced petrol price by Rs 2.41/litre and diesel by Rs 2.25/litre with effect from midnight tonight.

Indian Oil Corporation in statement today said that the international prices of both petrol and diesel have continued to be on a downtrend and slight upward trend in the INR-USD exchange rate has led to the said decrease in retail selling prices of petrol and diesel.

“The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” IOC spokesperson said.
The price of Petrol were last decreased revised downwards October 15, 2014 by Rs 1.21/ litre on the back of declining international oil prices.

As for diesel prices, Indian government decided to make diesel prices market determined for all consumers on October 18, 2014. Subsequently, October 19, 2014, based on prevailing level of international prices and INR-USD exchange rate, the selling price of Diesel in domestic market was reduced by Rs. 3.37/ litre (including state levies at Delhi) with corresponding decrease in other states.