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Petrol, diesel prices lowered by upto 21 paise

For the first time after free pricing of motor fuels was introduced from June 1, the oil companies on Thursday announced a cut of upto 21 paise in retail selling prices of petrol and diesel, reflecting a stable global crude situation.

Petrol would cost Rs 29 a litre in Delhi from mid-night as against the prevailing rate of Rs 29.18 per litre, while diesel prices have been reduced to Rs 18.05 a litre from Rs 18.23, a spokesperson of Indian Oil Corporation said.

In Kolkata, petrol price would be Rs 29.44 per litre as against Rs 29.63 and diesel would cost Rs 18.43 compared to the existing Rs 18.61.

The new petrol price in Mumbai would be Rs 33.44 compared to Rs 33.64 a litre, while diesel prices have been lowered to Rs 22.95 from Rs 23.16 per litre, the spokesperson said.

In Chennai, petrol prices have been brought down to Rs 31.44 a litre from Rs 31.64 per litre and the new price of diesel would be Rs 19.86 as against the prevailing rate of Rs 20.86 per litre.

The new prices would be applicable in case of all the four national oil companies -- IOC, Bharat Petroleum Corporation, Hindustan Petroleum and IBP.

After the dismantling of Administered Pricing Mechanism, the government had permitted the national oil companies to fix prices of petrol and diesel from June 15.

The oil companies had announced a marginal increase in the prices of petrol and diesel from June 15, a fortnight after the government announced a substantial hike in their prices on June 1.

Since then the oil companies did not make any changes in the prices on the ground that volatility in global crude prices had been stemmed with prices remaining lower than $25 a barrel.

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