Oil marketing companies (OMCs) slashed petrol price by 89 paise a litre and diesel price by 49 paise a litre at at Delhi including state levies midnight of Jul. 1, 2016 with corresponding price revision in other states. With this change, the price of petrol in Delhi will become Rs 64.76 a litre. Subsequently, the price of diesel in Delhi will become Rs. 54.70 a litre.
Commenting on the price reduction, India's 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 prices of both 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.