New Delhi, June 15: Fuel prices have been slashed, a report claimed on Thursday. According to the new notification, petrol will be cheaper by Rs. 1.12, while diesel will be cheaper by Rs. 1.24 per litre. This price cut comes at a time when the authorities have decided to apply dynamic pricing on these fuels, which means their prices will be revised daily, a move which initially irked the petrol and diesel traders, but later came into an agreement.

According to PTI, petrol will cost Rs 65.48 a litre in Delhi from tomorrow as against Rs 66.91 per litre currently. A litre of diesel will cost Rs 54.49 as compared to Rs 55.94 at present. The report also stated The last of such revision was announced today when petrol price was reduced by Rs 1.12 per litre, excluding state levies (VAT), and diesel by Rs 1.24 a litre, said Indian Oil Corp, the nation’s largest fuel retailer.

An official statement by Indian Oil Corporation said, “The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar 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.”

While this reduction in today’s price comes as a respite for most vehicle users, come tomorrow, the prices will be revised every day, someday rising and in other days, falling after the implementation of the new method of revising petrol-diesel price regularly. State-owned oil companies, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), on June 8, decided on a pan-India implementation of daily price revision of petrol and diesel.

(With agency inputs)