Indian Oil Corporation (IOC) has lowered the price of petrol after the rupee gained value against the US dollar. Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) are also expected to cut prices but with minor variations.
Petrol price (with effect October 8) in the capital now stands at Rs 67.90. In Mumbai and Kolkata petrol will now cost Rs 74.43 and Rs 75.44 respectively. In Chennai it is now Rs 71.48 a litre. The price was last hiked by 70 paise a litre on June 24.
The Indian oil major has said that it will closely monitor the international oil market and exchange rates as they will have an effect on future price changes.
