New Delhi: After two consecutive hikes, petrol price was on Wednesday cut by 49 paise per litre and diesel by Rs 1.21 a litre on softening international oil rates.
The reduction in rates will be effective from midnight tonight.
Prices of petrol in Delhi will be Rs 60 a litre from Thursday as against the current Rs 60.49, while diesel will cost Rs 48.50 per litre as compared with Rs 49.71 currently, Indian Oil Corporation (IOC) said.
The reduction follows two rounds of price hikes in February and March.
Since the last price change, “The international prices of both petrol and diesel have declined. The rupee-U.S. dollar exchange rate has, however, depreciated. The impact of both these factors warrants decrease in retail selling prices of both petrol and diesel,” IOC said in a statement.
Cumulatively, petrol prices had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October.