Petrol down 32p/ litre, diesel lower by 85p/ l

Petrol price was on Friday cut by 32 paise a litre and diesel’s by 85 paise a litre, the fourth reduction in rates in six weeks on the back of softening global oil prices. Petrol in Delhi will cost Rs 59.03 per litre with effect from midnight tonight as against Rs 59.35 per litre currently. A litre of diesel will cost Rs 44.18 as opposed to Rs 45.03 presently, said Indian Oil Corp (IOC), the nation’s biggest fuel retailer. This the fourth reduction in rates since December 1. “The current level of international product prices of petrol and diesel and Rupee-US Dollar 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.