Petrol, diesel prices to be reduced from January 1

New Delhi: Oil marketer Indian Oil Corp (IOC) on Thursday announced a reduction in petrol and diesel prices effective midnight, following a fall in international crude oil prices.

According to IOC, petrol prices per litre will be reduced by Rs.0.63 at New Delhi (including state levies) with corresponding price revision in other states.

After the price revision the petrol price in New Delhi will come down to Rs.59.35 per litre.

In addition, IOC said the retail selling price of diesel will be cut by Rs.1.06 per litre at Delhi and the fuel will now cost Rs.45.03 per litre.

"The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement here.

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