Petrol price cut by Rs 3.77/litre, diesel by Rs 2.91/litre
Public Sector Oil Marketing Company, Indian Oil has reduced the retail price of petrol by Rs 3.77 per litre and Diesel by Rs 2.91/litre.
An official statement said, “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.”
This revision comes after almost a month. The companies normally review petrol and diesel prices every fortnight, but in March it has been done just once. International prices remaining flat could be one of the reasons for prices not changing in the second fortnight of March.
Following the drop in global oil prices, the rate at which Indian refiners buy their crude oil has also fallen. The price of the Indian basket of crude oil has settled near $50 a barrel for the current fortnight, over $5/bbl lower than the price on March 1, according to Petroleum Planning & Analysis Cell.
The revised prices will be effective from midnight March 31/April 1.