Petrol, diesel prices to be reduced from January 1

New Delhi: Petrol price was today cut by 63 paise per litre, while diesel was made cheaper by Rs 1.06. Revised prices will take effect from the midnight of December 31 and January 1, 2016.

“The current level of international product prices of Petrol & Diesel and dollar-rupee exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” said Indian Oil Corporation, the country’s largest fuel retailer.

Fuel prices revised on December 15 when the price of petrol was lowered by 50 paise while that of diesel was also slashed by 46 paise a litre.

State-owned fuel retailers – Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation – review petrol and diesel prices every fortnight based on average import cost and rupee-dollar exchange rate in the previous two weeks.