The price of petrol on Friday was raised by 28 paise per litre and the price of diesel reduced by 6 paise per litre. Petrol will now cost Rs 64.58 a litre in the national capital, with the same amount of diesel costing Rs 52.51. After a bi-weekly review of prices, the Indian Oil Corporation said the cost of international fuel and the rupee-United States Dollar exchange rate was the reason for the change.

The changes in price comes just two days after the Organisation of the Petroleum Exporting Countries agreed to cut production. The cut is likely to reduce output by around 7,00,000 barrels per day. However, it is not an evenly distributed cut because Iran will be allowed to increase production. Earlier attempts to cut production failed because of disagreements between Iran and Saudi Arabia.