New Delhi: With oil in free fall again, state-run Indian Oil Corp (IOC) on Friday announced under one rupee cuts in transport fuel prices, effective midnight, with petrol prices per litre being reduced by Rs.0.32 and diesel by Rs.0.85, both at Delhi, with corresponding price revision in other states.

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,

Petrol per litre from Saturday will cost Rs.59.03 in Delhi, Rs.64.87 in Kolkata, Rs.66.09 in Mumbai and Rs.59.45 in Chennai.

The price of diesel per litre will be Rs.44.18 in Delhi, Rs.48.07 in Kolkata, Rs.51.25 in Mumbai and Rs.45.36 in Chennai.

Transport fuel prices were the last cut on January 1, with petrol prices per litre being reduced by Rs.0.63 and diesel by Rs.1.06, both at Delhi, with the corresponding price revision in other states.

The Indian basket of crude oils, composed of 73 percent sour grade Dubai and Oman crudes and the rest by sweet grade UK Brent, closed trading on Thursday at $26.43 for a barrel of nearly 160 litres.

(Inputs from IANS)

(Picture Courtesy: www.ibnlive.com)