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      Petrol prices drop by 49 Paise, whereas diesel gets cheaper by Rs. 1.21

      Nikhil Puthran

      Nikhil Puthran

      Post recent hike in petrol and diesel prices, the prices have gone down a little by 49 Paise per liter for petrol, whereas diesel gets cheaper by Rs. 1.21 per liter, owing to drop in international crude oil prices. With the fresh revision, the price for petrol in Delhi shall cost about Rs. 60 per liter, whereas diesel costs about Rs. 48.50 per liter. The reduction in rates will be effective from midnight tonight.

      Petrol prices drop by 49 Paise, whereas diesel gets cheaper by Rs. 1.21
      Petrol prices drop by 49 Paise, whereas diesel gets cheaper by Rs. 1.21

      A statement released by IOC in this regard states, “The international prices of both petrol and diesel have declined. The Rupee-US Dollar exchange rate has, however, depreciated. The impact of both these factors warrants decrease in retail selling prices of both petrol and diesel. The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes.”

      In the month of February prices for petrol was hiked by Rs 0.82 a litre and diesel was hiked by Rs 0.61 per litre. The second hike came in March where petrol was hiked by Rs. 3.18 per liter and diesel by Rs. 3.09 per liter. Prior to this, motorist in the country have enjoyed Petrol price cut ten times since August last year whereas diesel prices have been cut six times since October last year.