With the price of global crude oil continuing to drop, the Indian oil marketing companies today announced to cut the retail prices of petrol and diesel in the country. To come into effect from midnight tonight, the petrol and diesel prices have come down by Rs 2.42 per litre and Rs 2.25 per litre respectively.
Prices of petrol and diesel were last revised on 17th January 2015 by Rs 2.42/litre and Rs 2.25/litre respectively. After the price revision today, petrol will cost Rs 56.79 per litre and diesel will go down to Rs 46.01 per litre in the national capital.
"Since the above price revision, international prices of both Petrol and Diesel have continued to be on a downtrend and the INR-USD exchange rate has appreciated. The combined impact of both these factors warrant a decrease in Retail Selling Prices of both Petrol and Diesel.", the Indian Oil Corporation said in a statement.
How much will you save?
For simple understanding, say you drive 1000 Kms in a month and your car returns an average fuel efficiency figure of 10Km/litre; you will end up saving Rs 212/month (Rs 2544/year) on petrol and Rs 225/month (Rs. 2700/year) on diesel.
Here's the calculation:
Earlier you were paying - 100 litres X Rs 58.91 = Rs. 5891 (Petrol) & 100 litres X Rs 48.26 = Rs. 4826 (Diesel)
Now you will have to pay - 100 litres x 56.79 = Rs. 5679 (Petrol) & 100 litres X Rs 46.01 = Rs 4601 (Diesel)
