Major oil companies -- Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum -- have slashed the price of petrol by Rs 1.46 per litre and the price of diesel by Rs 1.53 per litre. The revised prices (excluding state levies) will be effective from midnight of November 15.
The decrease in petrol prices came after six increases in rates since September, including the 89 paise per litre raise on November 5. The price of diesel was also raised three times in just one month.
"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," IOC said in a statement.
"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.
Petrol price will be priced Rs 65.93 per litre in Delhi after the revised price, down from Rs 67.62 per litre. The price of diesel will be Rs 54.71 in Delhi, down from Rs 56.41 per litre.
Petrol price per litre in Kolkata will be Rs 68.67, Rs 72.29 in Mumbai and Rs 65.41 in Chennai. Diesel price per litre in Kolkata will be Rs 56.95, Rs 60.32 in Mumbai, and Rs 56. in Chennai.
State-owned fuel retailers revise the rates of fuel in India based on internaltional oil price and foreign exchange rate.