The Oil Marketing Companies (OMCs) today announced 80 paisa per liter cut in retail price of petrol and Rs 1.30 per liter cut in Diesel prices beginning tonight to align the deregulated domestic prices with the international rates. Post today's changes in retail prices, non-branded petrol will be charged at Rs 59.20 per liter in Delhi while diesel will cost Rs 47.20 per liter. The reduction follows two rounds of price hikes in February and March -- first by Rs 0.82 a liter in petrol and Rs 0.61 per liter in diesel on February 16 and by Rs 3.18 per liter in petrol and Rs 3.09 a liter in diesel on 1 March. Later, on 1 April, prices of petrol and diesel were cut by 49 paisa and Rs 1.21 per liter. "Since the last price change, the trend of international prices of Petrol and Diesel and the Rupee-Dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," Indian Oil Corporation (IOC), the nation's largest fuel retailer, said in a statement. It added the movement of prices in the international oil market and the Rupee-Dollar exchange rate will continue to be closely monitored and developing trends of the market will be reflected in future price changes. While petrol prices was decontrolled in 2010, diesel prices were linked to the market in October 2014. The global crude oil prices have slumped by more than a half to less than $55 per barrel from the peak of $114 per barrel in June last year.

Source