Fuel prices have been cut by Rs 2.16 for a litre of petrol, while the price of diesel has been reduced by Rs 2.10, effective today (May 16). The reduction of prices has broken the trend of rising prices during the last four weeks.
In the capital city of Delhi, petrol will now cost Rs 65.32 per litre, while diesel will cost Rs 54.90 per litre. The reduction of prices has been confirmed by the nation's largest fuel retailer, Indian Oil Corp (IOC).
In a statement, IOC said, "The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision."