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Fuel price cut: Petrol price cut by Rs 2.41/litre, diesel by Rs 2.25

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New Delhi (Oct 31, 2014): Petrol is cheaper by Rs 2.41 per litre from Saturday and diesel by Rs 2.25 per litre which is its first price reduction by state-run retailers after the government allowed them to align its pump prices with the international oil market.

Falling international oil prices have sharply reduced retail prices of diesel and petrol. Diesel rates have dropped by about 10% in about two weeks that would dampen inflation and cheer consumers ahead of assembly elections in Jharkhand and Jammu & Kashmir.

The government on Oct 18 deregulated diesel prices and reduced its retail price by Rs 3.37 per litre in Delhi.

State oil marketing firms on Friday decided to reduce petrol and diesel prices. Decrease in retail price of petrol by Rs. 2.41 per litre in Delhi is inclusive of local taxes.

Similarly, diesel price is reduced by Rs 2.25 per litre in Delhi. Consumer price reduction in different cities would vary depending on local levies, Indian Oil Corporation said in a statement.

IOC said "the international prices of both petrol and diesel have continued to be on a downtrend. The rupee-dollar 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".