Monday night came with good news for all vehicle owners. State oil companies lowered petrol prices effective from Tuesday.
The news broke the trend of the last four weeks that had a continuous hike in petrol and diesel prices. Petrol was reduced by Rs. 2.16 per liter and diesel by Rs. 2.10 per liter.
The last few months have seen mainly price hikes in petrol and diesel. On May 1st, petrol was increased by 2 paisa a liter and diesel 52 paisa per liter. Earlier, on April 16th, petrol was increased by Rs. 1.39 per liter and diesel was raised Rs. 1.04 per liter.
The Indian Oil Corp (IOC) made the announcement of the reduced prices. Petrol at Rs. 2.16 lesser per liter and diesel reduced by Rs. 2.10 per liter excluding state levies.
Indian Oil Corp released a statement saying, “The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”
The IOC will continue to monitor the movement of prices in the international oil market and INR-USD exchange rate. The developing trends of the market will further be reflected in the future price changes.
