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India's state-run oil marketing companies have reduced retail prices for petrol by Rs 0.80 a litre and retail price of diesel by Rs 1.30 a litre responding to lower crude oil prices.
The new rates would be effective from April 16. Prior to this, the oil marketing companies had cut price of petrol by 49 paise and diesel by Rs 1.21 for every litre from April 2.
"Since last price change, the trend of international prices of petrol and diesel and INR-USD exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," Indian Oil Corporation said in a statement.
With this price cut, petrol will be sold in Delhi for Rs 59.20 a litre and diesel for Rs 47.20 a litre.
The state run-oil marketing companies-- Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation-- increased the retail prices for the fuel twice in February but before that the price of petrol had been reduced ten times since August 2014 while that of diesel was reduced six times since October 2014.
The price of fuel sold at retail pumps are aligned with the international rates and change every fortnight. The exchange rate plays a major role in determining retail prices of fuels since India imports 80% of crude oil it processes and pays in US dollar.
"The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," IOC said.
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