Petrol price cut by Rs 2.16 per litre, diesel by Rs 2.10 a litre

NEW DELHI: State oil companies have cut the prices of petrol and diesel by more than Rs 2 per litre following the fortnightly revision to align local prices with international rates and factor in currency movement.

From Tuesday, petrol will be cheaper by Rs 2.16/litre and diesel by Rs 2.10/litre, according to a statement by Indian Oil Corp, the nation's largest fossil fuel retailer. The extent of reduction in retail prices will vary according to state levies.

'The current level of international product prices of Petrol & Diesel and INR-USD 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,' Indian Oil said.

The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company said.