Fuel prices have been revised, effective today (June 16). The price of petrol has been cut by Rs 1.12 per litre and diesel by Rs 1.24 per litre. Oil companies made the announcement on the evening of June 15.
Effective today, fuel prices will be revised on a daily basis, and the rates will change at 6:00 a.m. depending on the movement in the cost of the previous day. Petrol prices were being revised twice a month, on the first and sixteenth.
After the price reduction, petrol will now cost Rs 65.48 per litre in Delhi and diesel Rs 54.49.
The Indian Oil Corporation (IOC) in a statement said, "On the same lines, IOC intends to start revising retail selling prices of petrol and diesel across the country on a daily basis with effect from June 16. The prices declared on a daily basis shall be applicable from 6:00 a.m. to 6:00 a.m. the next day."