For the third time in a row, prices of Petrol and Diesel were cut by Rs 2.43 and 3.60 per litre respectively, on account of reduction in international crude prices in the Month of July. The new rates announced by the oil marketing companies (OMCs) were effective from August 1, 2015. As a result, Petrol price in Delhi got reduced to Rs 64.47 per litre from Rs 66.90 per litre earlier, while diesel was cut to Rs 46.12 per litre against Rs 49.72 per litre.
Earlier on July 16, prices of Petrol and Diesel were cut by Rs 2 per litre each, excluding local sales tax. The OMCs have said that since the last price change, there has been a decrease in international prices of both petrol and diesel, while the rupee-dollar exchange rate, depreciated during this period. The combined impact of both these factors warranted a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease.
PSU oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.