The LIOC said it has reduced the prices of Lanka Auto Diesel (LAD) by Rs. 11 per liter and Lanka Petrol 92 (LP92) by Rs. 2 per liter from midnight today.
RAC Fuel Watch data shows there was a 3.5p per litre fall in wholesale prices yet petrol started and finished the month at 130.6p per litre.
Meanwhile, in Mumbai, petrol and diesel are retailed at Rs 84.68 (decrease by 18 paise) and Rs 77.18 (decrease by 14 paise), respectively. In Mumbai, petrol is sold for Rs 84.49 per litre and diesel at Rs 77.06.
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Fuel prices have been declining since early October as oil companies factored in softening of worldwide rates.
RAC fuel spokesperson Simon Williams said drivers had every right to feel betrayed by retailers, who he said had proved that rises in the wholesale cost of petrol are quickly passed on to consumers, while reductions take longer to be introduced.
However, the Delhi government had not reduced Value-Added Tax on petrol and diesel. Due to that petrol and diesel are now cheaper in Noida compared to Delhi. Hence there is a price cut of Rs 0.19/litre and 0.12/litre in petrol and diesel respectively.