Petrol, diesel prices cut

New Delhi, Dec 1: The three state-run oil marketing companies on Monday reduced petrol and diesel prices. Petrol and diesel will be cheaper by Rs.0.58 and Rs.0.25 per litre respectively in the national capital. The reduction will be effective from midnight Monday. Making the fortnightly revision in retail prices, Indian Oil Corp (IOC) said: "The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision." Allowing for local levies, IOC said the price of petrol per litre from Tuesday will be Rs.60.48 in Delhi, Rs.65.93 in Kolkata, Rs.67.55 in Mumbai and Rs.60.80 in Chennai. Diesel will cost Rs.46.55 a litre in Delhi, Rs.50.10 in Kolkata, Rs.53.78 in Mumbai and Rs.47.77 in Chennai. The Indian basket of crude oils closed on the previous trading day on Friday at $41.01 a barrel, after having dropped below $40 during the fortnight in consideration.