Petrol prices down by Rs 3.77 a litre, diesel price slashed by Rs 2.91

The new prices will come into effect from April 1

The price of petrol has been cut by Rs 3.77 per litre and that of diesel by Rs 2.91 a litre, the first change in rates in two-and-a-half months.State-owned oil firms cut rates with effect from midnight tonight. Petrol currently costs Rs 71.14 a litre in Delhi and Diesel is priced at Rs 59.02 per litre.

Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corp (IOC). Actual decrease will be larger after taking into account the local levies.

“The current level of international product prices of petrol and 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.

IOC said 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. The Indian basket of crude oils, comprising 73 per cent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on Thursday at $51.36 for a barrel of 159 litres.