OMCs slash price of petrol by Rs 1 per litre, diesel by Rs 2 per litre

Following the global trend in crude oil prices, the Oil Marketing Companies (OMCs) have slashed price of petrol by Rs 1 per litre and diesel rates by Rs 2 per litre. This is the fourth time since July where rates have been slashed. The new rates announced were effective from midnight August 15/August 16.

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. Before that petrol price was cut by Rs 2.25 a litre  and diesel rate by Rs 0.42 a litre on July 16, prior to that petrol price was cut by 89 paise a litre and diesel by 49 paise on July 1. With the latest reduction petrol in the national capital will cost Rs 60.09 per litre against Rs 61.09 earlier, while diesel will retail at Rs 50.27 per litre against Rs 52.27per litre earlier.

According to IOC the country's largest fuel retailer, 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. It also added that 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.