Though global oil prices pulled back a little from their earlier plunge, Indian Oil Corp moved contradictorily on Wednesday, cutting petrol price by 32 paise a litre, while increasing diesel price by 28 paise, it was announced here.
The new prices were applicable at Delhi with corresponding changes in other states, effective midnight, the state-run oil marketer said in a release here.
"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in price of petrol and increase in price of diesel," Indian Oil said while announcing the fortnightly revision in fuel prices.
Petrol per litre from Thursday will cost Rs 59.63 in Delhi, Rs.64.64 in Kolkata, Rs 65.73 in Mumbai and Rs.59.10 in Chennai.
The price of diesel per litre will be Rs 44.96 in Delhi, Rs 48.33 in Kolkata, Rs 51.52 in Mumbai and Rs 45.62 in Chennai.
Transport fuel prices were last revised downwards on February 1.
The Indian basket of crude oils closed trade on Tuesday at $31.48 per barrel, which was up from its previous close at $30.38.