(LiveMint)
State-run oil marketing company (OMC) Indian Oil Corp. Ltd on Thursday cut diesel and petrol prices by 5 paise and 7 paise per litre, respectively, after automobile fuel prices reached a record high on Tuesday.
Thursday’s petrol price cut followed Indian Oil’s move of reducing petrol and diesel prices by 1 paisa per litre on Wednesday, a move that was mocked by the opposition. The Kerala government on Wednesday announced a Rs1/litre diesel and petrol price cut from Friday, scoring a political point against the centre amid record prices. Diesel and petrol prices in Delhi on Thursday were Rs69.25 per litre and Rs78.35 per litre respectively at Indian Oil outlets.Retail prices of petrol and diesel in India track the global prices of these auto fuels, not crude, though they are broadly linked to crude oil price trends, which have firmed up.
