Today Petrol price was reduced by 50 paise and diesel by 46 paise a litre. Oil company Indian Oil Corp (IOC) left cushion for the government to mop-up gains accruing from global oil prices dipping to multi-year lows. New rates will be applicable from tonight. New Petrol price will be Rs 59.98 in Delhi as against Rs 60.48 per litre present.
Similarly, a litre of diesel was reduced to Rs 46.09 as compared to Rs 46.55 now. The rate of basket of crude oil that India buys hit a 11-year low of $34.39 per barrel on Monday, but the average for the fortnight which is taken into account for calculating new prices, was $4-5 more.
