Petrol Price Cut by Rs 2.25 a Litre, Diesel by 42 Paise
Petrol price was on Friday cut by Rs 2.25 a litre and diesel by Rs 42 paise a litre, the second reduction in rates this month on global cues.
Petrol will cost Rs 62.51 a litre in Delhi from midnight on Friday July 15,2016 as compared to Rs 64.76 per litre currently, said Indian Oil Corp, the nation's largest fuel retailer.Similarly, diesel will cost Rs 54.28 per litre as against Rs 54.70 currently.
This is the second reduction in rates this month. Petrol price was cut by 89 paise a litre and diesel by 49 paise on July01,2016
Prior to the reduction this month, rates had been hiked on four occasions since May 01,2016
Petrol prices in the four hikes had been raised by Rs 4.52 a litre and diesel by Rs 7.72 per litre.
Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates had been a phenomenon since March 17,2016
After discounting the April 16 reduction, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 per litre.
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