New Delhi, January 15 (PTI): Petrol price was cut by 32 paise per litre and diesel’s by 85 paise per litre on Friday—the fourth reduction in rates in six weeks on the back of softening global oil prices. “The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement. State-owned fuel retailers IOC, Bharat Petroleum Corp. Ltd, and Hindustan Petroleum Corp. Ltd revise rates of petrol and diesel on the 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.
