We know that demonitization has affected almost every sector in the country, whether it is automobile, stock market or any other and moreover in response to global prices and currency fluctuations. The three state-owned oil marketing companies (OMCs) have decided to cut the price of petrol and diesel from midnight Tuesday. According to the Indian Oil Corporation (IOC), now the retail prices of petrol have been cut down by Rs 1.46 per litre and for diesel by Rs Rs 1.53 per litre, excluding state levies.
In a statement IOC said, "The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision."
Now, the new price of petrol has come down to Rs 65.93 per litre, Kolkata Rs 68.67, Mumbai Rs 72.29 and Chennai Rs 65.41, while for the diesel, the prices in metro cities come down to Rs 54.71 per litre, Kolkata Rs 56.95, Mumbai Rs 60.32 and Chennai Rs 56.24.
Earlier, on November 5, 2016, the OMC’s raised the petrol price by 89 paisa per litre and diesel by 86 paisa per litre (excluding state levies).
"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."