Oil marketing companies (OMCs) slashed petrol price by Rs 2.16 a litre and diesel price by Rs 2.10 a litre excluding state levies w.e.f. midnight of May 16, 2017. The reduction, which will be effective from Monday midnight, comes on back of a marginal 2 paise per litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1, 2017.

Commenting on the price oil marketing companies, largest OMC, Indian Oil Corporation (IOCL) said, "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.''

''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,''  it added.