India's state-run oil marketing companies on Wednesday cut retail prices for petrol by Rs.0.80 a litre and that of diesel by Rs.1.30 a litre, responding to lower crude oil prices. The new rates kicked in from midnight.
Prior to this, oil marketing companies had cut petrol price by 49 paise and diesel by Rs.1.21 for every litre from April 2. The state run-oil marketing companies -Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation -increased retail prices of the fuel twice in February, but before that, petrol prices had been reduced ten times since August 2014 while that of diesel was cut six times since October 2014.
The prices of fuel sold at retail pumps are aligned to international rates, and are changed every fortnight. The exchange rate plays a major role in determining retail price of fuels since India imports 80% of crude oil it processes and pays in dollar.
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