New Delhi: After effecting two successive increases in prices of transport fuels, India's state run oil retailers have cut the retail selling price of petrol by 74 paise per litre, and diesel by Rs.1.30 per litre.
From the intervening midnight between April 15 and 16, petrol will cost Rs.61.13 per litre in the national capital, while diesel will retail at Rs.48.01 per litre. Previously, petrol was costing Rs.61.87 per litre and diesel was retailing at Rs.49.31 per litre.
"The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant decrease in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil said in a statement.
"The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."
The Indian basket of crude oils, composed of 73 percent sour grade Dubai and Oman crudes and the rest by sweet grade UK Brent, closed trade on Friday at $36.58 a barrel of 159 litres as per official data, after having fallen to around $25 earlier in the year.
On April 4, the oil retailer had hiked the prices of petrol by Rs.2.19 a litre and diesel by 98 paise. Around a fortnight prior to that, the prices of the two transport fuels were hiked by Rs.3.07 a litre and Rs.1.90 a litre, respectively.
The Indian basket of crude, which is used by refineries here, represents a derived basket, comprising of sour grade from Oman and Dubai, and Sweet grade of Brent in the ratio of roughly 72:28.
As on April 12, the latest period for which data is available, the Indian basket worked out to $40.60 per barrel, according to the Petroleum Planning and Analysis Cell of the petroleum and natural gas ministry.
The prices of petrol per litre are as under in the four metros:
Delhi: Rs.61.13, Kolkata: Rs.64.90, Mumbai: Rs.65.63, Chennai: Rs.60.58
The prices of diesel per litre are as under in the four metros:
Delhi: Rs.48.01, Kolkata: Rs.50.48, Mumbai: Rs.53.49, Chennai: Rs.48.76