The fortnightly revision of petrol and diesel prices brought further relief to the consumers. Effective midnight, August 31/September 1, 2015, petrol will be slashed by Rs 2 per litre whereas diesel prices will be reduced by Rs 0.50 per litre. With the new prices in effect, a litre of petrol in Delhi will cost Rs 61.20 while the diesel will cost Rs 44.45 per litre.
The price cut is a result of decrease in international prices of both petrol and diesel. Brent crude oil price was trading near $48.62 per barrel on Monday, August 31, 2015.
“Since last price change (with effect from August 1, 2015), there has been a decrease in international prices of both petrol and diesel. The rupee-dollar exchange rate has, however, depreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” Indian Oil Corporation said in a statement.
Previous revisions in the petrol and diesel prices saw both the commodities becoming cheaper Rs 1.27/litre and 1.17/litre respectively. Revisions dated August 1, 2015 saw the prices fall sharply by 2.43 per litre for petrol and Rs. 3.60 per litre for diesel.