Indian Oil Corporation (IOC)  announced it would cut the retail price of petrol by Rs 2.41 per litre (in Delhi) and of diesel by Rs 2.25 per litre, with effect from midnight of October 31/November 1. The new price of petrol in Delhi would be Rs 64.24 per litre while that of diesel would be Rs 53.35 per litre. There will be a corresponding decrease in the prices of both fuels in other states. The price of petrol was last revised downwards on October 15 by Rs. 1.21 on the back of declining international oil prices. While in October 19, diesel prices were cut by Rs 3.37, a day after the government decided to deregulate prices of the fuel. “Since the above price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The INR-USD exchange rate has appreciated slightly since the last price change,” IOC said in a statement. “The combined impact of both these factors warrant the decrease in the prices of petrol and diesel.” The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price