NEW DELHI : Oil marketing companies will bring down the prices of retail selling prices of petrol by 70 paise a litre (excluding state levies) from midnight tonight.
This is the second successive relaxation for the people. On April one, prices of petrol were reduced by 0.75 paise a litre resulting in a drop in retail selling price in the capital by 90 paise a litre.
The reason given for the relaxation was declining trend in international prices of motor spirits accompanied by a strengthening of the Indian Rupee-US Dollar exchange rate. There was also continued strengthening of Rupee-Dollar exchange rate.
The OMCs were monitoring the movement of prices in the international oil market and the Rupee-Dollar exchange rate are continuously under watch and developing trends reflected in future price changes, an IOC release said. (AGENCIES)
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