Petrol and diesel prices have been slashed by 63 paise a litre and Rs 1.06 a litre respectively, Indian Oil CorporationBSE 0.74 %, the nation's largest fuel retailer said in a statement.
In Delhi, petrol will cost Rs 59.35 a litre and diesel Rs 45.03 a litre from Friday, with prices varying marginally in other places due to local levies.
The current level of international product prices of petrol and diesel and the exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," IOCBSE 0.74 % said on Thursday, following its fortnightly review to align local prices with international rates and adjust for foreign exchanges.
In the previous review, oil companies had cut prices of petrol by 50 paise a litre and diesel by 46 paise a litre.
The company said it will continue to monitor movement of prices in the international oil market and the exchange rate closely and the market trends will reflect in future price changes.
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