Making a fourth-time reduction in costs Petrol price was cut by Rs 1 per litre and diesel by Rs 2 per litre. The present cost now becomes 60.09 per litre of petrol and Rs 50.27 per litre Diesel in Delhi against the previous Rs 61.09 and 52.27 respectively.
State-run Indian Oil Corporation recently reduced the prices of petrol and diesel was on August 1st by Rs 1.42 a litre and Rs 2.01 per litre respectively. A similar drop in prices was seen in the month of June and July. Automobile users are seeing good economical months since July.
July started with price cuts of petrol and diesel by 89 and 49 paise per litre. Similar trend continued again when the rates were much more down by 2.25 and 0.42 per litre of petrol and diesel in the same month.
“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC added.
IOC gave a similar statement during the previous price drops that occurred in the month of July.
The new prices of Petrol and Diesel will be in effect from midnight of August 15th. More price drops are expected in the coming months. The current international crude oil price computed by Ministry of Petroleum and Natural Gas was $ 41.82 per barrel.