Public sector oil marketing companies announced a cut in the retail selling price of petrol and diesel by ₹ 2.42 a litre for petrol and ₹ 2.25 a litre for diesel, in Delhi with a corresponding decrease in other states. The decrease includes state levies and will vary from state to state.

The new prices are effective from midnight of February 3/4.

“International prices of both petrol and diesel have continued to be on a downtrend and the rupee-dollar exchange rate has appreciated. The combined impact of both these factors warrants a decrease in retail selling prices of both petrol and diesel,” Indian Oil said in a statement.

“The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” the company added.

Meanwhile, the All India Petroleum Dealers Association said late evening that it has decided to go on a nationwide strike. The association claims that the price cuts in petrol and diesel has led to 42,000 dealers across the country losing Rs 500 crore.