Price of petrol and diesel has witnessed cut by Rs. one per litre and Rs. two per litre respectively.
Also, the price of diesel will cost Rs. 50.27 per litre as against Rs. 52.27.
In a statement IOC said, “The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.”
The rate cut comes ahead of the prices in the international oil market and rupee-USD exchange rate.
“All the consequences shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” IOC added.