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Petrol price was cut by Rs 1.12 per litre and diesel by Rs 1.24 per litre, the last of the fortnightly revisions after which daily correction in rates in step with cost will be implemented. From now, petrol and diesel rates will be revised in sync with any movement in international oil rates. Rates will change at 6 am everyday depending on movement in cost on the previous day.
Currently, prices are revised on 1st and 16th of every month based on the fortnightly average of international oil price and the foreign exchange rate. The last of such revision was announced yesterday when petrol price was reduced by Rs 1.12 per litre, excluding state levies (VAT), and diesel by Rs 1.24 a litre, said Indian Oil Corp, the nation's largest fuel retailer. Actual reduction would be higher after taking into account local sales tax or VAT.
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