Fuel prices in India have yet again been revised and this time, the government has reduced the price of petrol by ₹ 1 per litre and Diesel by ₹ 2. This is the fourth reduction in fuel rates since July 2016 and as per the new price petrol will now cost ₹ 60.09 a litre in Delhi compared to the previous ₹ 61.09 a litre from August 15-16 midnight. On the other hand, the price of diesel has been reduced to ₹ 50.27 per litre against earlier rates of ₹ 52.27, said Indian Oil Corp (IOC).The price was last cut by ₹ 1.42 a litre in the case of petrol and by ₹ 2.01 per litre for diesel on August 1. “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.