OREANDA-NEWS. Indian Oil Corporation Ltd. has decided to effect the following price changes w.e.f midnight of 31st October'14/ 1st November'14

Decrease in Retail Selling Price of Petrol by Rs. 2.41 /litre at Delhi (including state levies) with corresponding decrease in other states.

Decrease in Retail Selling Price of Diesel (Retail) by Rs. 2.25 /litre at Delhi (including state levies) with corresponding decrease in other states.

The price of Petrol was last revised downwards w.e.f. 15th Oct'14 by Rs. 1.21/ litre (including state levies at Delhi) on the back of declining international oil prices.

As for Diesel prices, the Government decided to make Diesel prices market determined for all consumers on 18th October, 2014. Subsequently, w.e.f 19.10.2014, based on prevailing level of international prices and INR-USD exchange rate, the selling price of Diesel in domestic market was reduced by Rs. 3.37/ litre (including state levies at Delhi) with corresponding decrease in other states.

Since the above price changes, the international prices of both Petrol and Diesel have continued to be on a downtrend. The INR-USD exchange rate has appreciated slightly since the last price change. The combined impact of both these factors warrant the said decrease in Retail Selling Prices of Petrol and Diesel.

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.