<p>Petrol price was today cut by 63 paise per litre and diesel by Rs 1.06 a litre, the third reduction this month on back of softening in global oil rates.<br /><br /></p>.<p>Petrol will cost Rs 59.35 per litre in Delhi with effect from midnight tonight as against Rs 59.68 currently. A litre of diesel will cost Rs 45.03 as opposed to Rs 46.09 presently, said Indian Oil Corp (IOC), the nation's biggest fuel retailer.<br /><br />Prices were last cut by 50 paise in case of petrol and 46 paise a litre in diesel on December 16. The reduction would have been more but for government move to mop up gains arising from oil prices slumping to 11-year low by way of an excise duty hike.<br /><br />Prior to that oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on December 1.<br /><br />"The current level of international product prices of Petrol and Diesel and INR-USD 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.<br /><br />The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.</p>
<p>Petrol price was today cut by 63 paise per litre and diesel by Rs 1.06 a litre, the third reduction this month on back of softening in global oil rates.<br /><br /></p>.<p>Petrol will cost Rs 59.35 per litre in Delhi with effect from midnight tonight as against Rs 59.68 currently. A litre of diesel will cost Rs 45.03 as opposed to Rs 46.09 presently, said Indian Oil Corp (IOC), the nation's biggest fuel retailer.<br /><br />Prices were last cut by 50 paise in case of petrol and 46 paise a litre in diesel on December 16. The reduction would have been more but for government move to mop up gains arising from oil prices slumping to 11-year low by way of an excise duty hike.<br /><br />Prior to that oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on December 1.<br /><br />"The current level of international product prices of Petrol and Diesel and INR-USD 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.<br /><br />The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.</p>