On Saturday, Diesel rates remained unchanged, had been hiked twice since then, by 95 paise on October 16 and by 50 paise on October 1.
On price changes, IOC informed media “The current level of international product prices and INR-USD exchange rate warrant a price decrease, which is being passed on to consumers with this price revision. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.”
Major fuel State retailers, Indian Oil Corp (IOC), Bharat Petroleum Corp ( BPCL ) and Hindustan Petroleum Corp (HPCL) , revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
