With the Indian basket of crude oils going below $35 a barrel, state-run Indian Oil Corp (IOC) on Tuesday announced price cuts on petrol by 50 paise a litre, and of diesel by 46 paise in Delhi, with corresponding decrease in other states, effective midnight.
"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," it said in a release announcing the fortnightly revision in prices made by oil marketing firms.
The oil marketer said that allowing for local levies, the price of petrol per litre from Wednesday will be Rs.59.98 in Delhi, Rs.65.53 in Kolkata, Rs.67.04 in Mumbai and Rs.60.28 in Chennai.
Diesel will cost Rs.46.09 a litre in Delhi, Rs.49.70 in Kolkata, Rs.53.28 in Mumbai and Rs.47.28 in Chennai.
The Indian basket of crude oils, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, plunged to $34.39 on Monday for a barrel of nearly 160 litres, as per data compiled by the state-run Petroleum Planning and Analysis Cell.