Petrol price cut by Re 1 per litre, diesel by Rs 2 per litre

Zee Media Bureau

New Delhi: In a major relief for vehicle owners, oil companies on Monday cut the price of petrol by Re 1 while that of diesel was cut by Rs 2 per litre adding to the joy of India's 70th Independence Day celebration.

The new rates will come into effects August 16.

Following this cut, petrol in Delhi will now cost Rs 60.09 per litre while diesel will cost Rs 50.27 a litre.

"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," Indian Oil Corporation (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.

This is the fourth cut in prices of petrol and diesel by the companies in two months.

The cut in the prices of petrol and diesel comes a fortnight after it was slashed by Rs 1.42 and Rs 2.01 respectively on July 31/August 1.

Earlier, petrol price was last cut by Rs 2.25 a litre on July 16. Diesel rate on that date was reduced by Rs 0.42 a litre. Prior to that petrol price was cut by 89 paise a litre and diesel by 49 paise on July 1.