OREANDA-NEWS. Indian Oil Corporation Ltd. has decided to effect the following price changes w.e.f midnight of 15th December / 16th December'14

Decrease in Retail Selling Price of Petrol by Rs. 2.00 /litre at Delhi (including state levies) with corresponding decrease in other states.

Decrease in Retail Selling Price of Diesel (Retail) by Rs. 2.00 /litre at Delhi (including state levies) with corresponding decrease in other states.

The prices of Petrol and Diesel were last revised downwards w.e.f. 1st December'14 by Rs. 0.91/ litre and Rs. 0.84/ litre respectively (including state levies at Delhi) on the back of declining international oil prices.

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 however appreciated since the last price change. The combined impact of both these factors warrant a decrease in Retail Selling Prices of both 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.