New Delhi (IANS) - Petrol has become cheaper by Rs 1.12 per litre while diesel price per litre will be lower by Rs 1.24, excluding state levies, from June 16. "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," the Indian Oil Corp said.
The price reduction commences the mechanism of daily petrol and diesel prices revision effective June 16. The three state-owned OMCs -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- will daily revise the prices of the two main transportation fuels in sync with global crude oil prices.
The daily revision of Retail Selling Prices (RSPs) on a national level comes after the mechanism was successfully implemented on a pilot basis in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh and Puducherry from May 1. The prices of the two main transportation fuels were last hiked on May 31, when petrol price was increased by Rs 1.23 per litre, while that of diesel was raised by 89 paise a litre.