“Subsequently, with effect from October 19, based on prevailing level of international prices and Rupee-USD exchange rate, the selling price of diesel in domestic market was reduced by Rs 3.37 per litre (including state levies at Delhi) with corresponding decrease in other states,” it said.
Since then, the international prices of both petrol and diesel have continued to be on a downtrend. But foreign exchange rate has appreciated slightly. “The combined impact of both these factors warrant the said decrease in retail selling prices of petrol and diesel,” the statement said.
IOC said it was “closely monitoring” prices in international oil market and Rupee-USD exchange rate and developing trends of the market will be reflected in future price changes.
