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Petrol and diesel prices reduced by Rs 1.12 and Rs 1.24 from June 16

Newspatrolling: Just a day ahead of the new mechanism wherein fuel prices will be revised everyday nationwide, oil marketing companies have reduced prices of both petrol and diesel. Petrol price has been cut by Rs 1.12 and diesel price has been cut by Rs 1.24. The new rates will be applicable from the morning of June 16. With the reduced prices, petrol will cost Rs 66.91 per liter in Delhi, while diesel will cost Rs 55.94 per liter. In a statement, the Indian Oil corporation has stated, “The current level of international product prices of Petrol and Diesel and INR-USD 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.”

However, the reduction in prices may not be that exciting since fuel prices will now be revised every day, starting June 16. Initially, the daily revision system was launched as a pilot project in Chandigarh, Jamshedpur, Puducherry District, Udaipur and Visakhapatnam. After good response, it has now been launched nationwide from June 16. The revised prices will be applicable from 6 AM to 6 AM on each day.

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