New Delhi: Petrol and diesel prices are likely to be cut by 91 paise and 84 paise a litre, respectively.
Petrol and diesel price reduction will be effective from Sunday midnight, Indian Oil Corp, the nation's largest fuel retailer, announced.
In Delhi, petrol price will cost Rs 63.33 a litre as compared to Rs 64.24 per litre previously while in Mumbai the reduction will be 96 paise to Rs 70.95 per litre.
Diesel will cost Rs 52.51 a litre in Delhi from Monday as against Rs 53.35 currently while in Mumbai the price will be cut by 93 paise to Rs 60.11 per litre.
Rates differ from state to state due to differential local sales tax or VAT rates.
The prices of petrol and diesel were last revised downwards on November 1 by Rs 2.41 a litre and Rs 2.25 per litre respectively (including state levies at Delhi) on the back of declining international oil prices.
"Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The Rupee-US dollar exchange rate has however appreciated since the last price change. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel," IOC said in the statement.
This is the seventh consecutive reduction in petrol prices since August and third in diesel in rates since October. Prior to Sunday's reduction, petrol price has been cumulatively cut by Rs 9.36 per litre since August.
Diesel price was cut for the first time in more than five years on October 19 by Rs 3.37 a litre when the government decided to deregulate the fuel. This was followed by another reduction on November 1.
"The movement of prices in international oil market and INR-US dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," the statement said.
(With inputs from PTI)
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