Petrol and diesel prices have been reduced by Rs 2.25 per litre and 42 paise per litre respectively. With effect from July 16, petrol now costs Rs 62.51 while diesel has been priced at Rs 54.28 as compared to the older price of Rs 54.70.
Across the four metros with effect from July 16, prices of non-branded petrol is lowest in Chennai where it has been priced at Rs 62 while it is highest in Mumbai where it has been priced at Rs 67.11 a litre. However, in terms of diesel, the fuel is cheapest in Delhi at Rs 54.28 while Mumbai is seeing the highest price at Rs 59.60.
This is the second fuel price reduction this month. On July 1, the Centre had cut 89 paise from the price of petrol and 49 paise from the price of diesel. IOC has attributed the decrease in prices to current levels of international product prices of petrol and diesel as well as Rupee to American Dollar exchange rate.