Indian Oil has announced a cut in the prices of Petrol and Diesel from today November 1. The prices of petrol has been slashed by Rs. 2.41 /litre at Delhi (including state levies) with corresponding decrease in other states.

Decrease prices on the other hand have been reduced by Rs. 2.25 /litre at Delhi (including state levies) with corresponding decrease in other states.

"Since the above price changes, the international prices of both Petrol and Diesel have continued to be on a downtrend. The INR-USD exchange rate has appreciated slightly since the last price change. The combined impact of both these factors warrant the said decrease in Retail Selling Prices of Petrol and Diesel," IOC has said in a release.

The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes.

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