Petrol Prices Cut by Rs. 1/litre, No change in Diesel Prices

Taking an another positive move, Oil marketing companies in India have cut down the petrol prices by Rs. 1 per litre , excluding state tax. Petrol will now cost Rs. 66.09 for Delhi, Rs. 73.48/litre for Kolkata, Rs. 69.08 for Chennai and Rs. 72.88 for Mumbai. OMC's last reduced petrol prices on April 11 where the petrol prices was deducts by 85 paise per litre.

Good news is that the OMCs didn't change the diesel prices, which was earlier speculated to go up by 50 paise per litre. We don't expect the diesel prices will remain the same for long. Oil marketing companies have already announced that the diesel prices will continue to hike till all the losses are covered. The price reduction is result of decline in international crude price from $119.23 per barrel to $116.61 per barrel.