State-run Indian Oil Corporation has cut the rates of petrol and diesel on Sunday. The current prices of petrol and diesel are 61.09 and 52.27/ Litre respectively in Delhi against the previous prices 62.51 for petrol and 54.28 for diesel. The revised prices are effective from Sunday midnight, marking a third-time reduction in the rates this month.
July has been a good economical month for automobile users. The month started with price cuts of petrol and diesel by 89 and 49 paise per litre on July 1st. The same trend continued again when the rates were much more down by 2.25 and 0.42 per litre of petrol and diesel. Now this is the third time.
The current level of international product prices of petrol and diesel and Rupee-US 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,” IOC said in a statement.
Except on April 16th rising trends of petrol and diesel have been observed from March till July. IOC also added that international oil market and Rupee-USD exchange rate would be monitored closely, and the trends will be reflected in the oil price changes in the market.