Petrol price has been slashed by Rs 2.16 per litre and diesel by Rs 2.10 a litre, with efefct from midnight of May 16, 2017. The reduction, comes on the back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1.
Indian Oil Corp (IOC), the nation's largest fuel retailer, said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 -- both excluding state levies.
Actual reduction in price will be more after taking into account local VAT. Price of fuel largely depends on movement of crude in the global market, apart from the curency exchange fluctuations. The Indian rupee has gained dramatically from levels of 68 to the dollar to the current levels of 64.55. This has helped push fuel prices lower in the country.
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