Oil marketing companies (OMCs) slashed petrol price by Rs 1.12 a litre and diesel price by Rs 1.24 a litre excluding state levies w.e.f. midnight of June 16, 2017.

Indian Oil said daily revision of petrol prices and diesel prices on pilot basis was implemented in Chandigarh, Jamshedpur, Puducherry, Udaipur and Visakhapatnam from May 1.

Commenting on the price oil marketing companies, largest OMC, Indian Oil Corporation (IOCL) said, "The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant decrease in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision.''