Public sector oil retailers on Sunday announced a cut in the retail prices of petrol and diesel, effective midnight November 30/December 1, by 91 paise a litre and 84 paise a litre, respectively, in Delhi.
The price cut will vary from State to State depending on local taxes and levies.
In a statement issued here, Indian Oil Corporation said the auto fuel prices were last reduced on November 1, on the back of declining international oil prices.
“Since the above 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,” it said.
Indian Oil Corporation said that the movement of prices in the international oil market and the forex rate shall continue to be closely monitored and the market trends will be reflected in price changes.