Petrol price cut by Rs 1.12 per litre, diesel by Rs 1.24

The petrol and diesel prices have been cut by Rs 1.12 per litre and Rs 1.24 per litr, respectively from the midnight.

The price of petrol is being decreased by Rs 1.12 per litre and that of diesel by Rs 1.24 per litr, both excluding state levies, Indian Oil Corp (IOC) said on Thursday.

The development comes a day before India switch to a market dynamic system to revise petrol and diesel prices on a daily basis.

Petrol and diesel prices from June 16 will change on a daily basis by a few paisa per litre depending on the movement of oil prices in international market and variation in foreign exchange rates.

Rates will vary from city to city as well as from petrol pump to petrol pump with Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) deciding to follow a marginal differential pricing.

Petrol price slashed by Rs 1.12 per litre, diesel by Rs 1.24 per litre with effect from June 16. pic.twitter.com/C19NRemk6I

— ANI (@ANI_news) June 15, 2017