Price of petrol was dropped to Rs. 1 per litre, while diesel price dropped to Rs. 2 per litre with immediate effect from midnight. This is for fourth time where prices have been reduced since July.
Indian Oil Corp (IOC) noted that the revised prices now cost Rs 60.09 a litre in Delhi from midnight as compared to Rs 61.09 a litre currently. The diesel would cost Rs 50.27 per litre as against Rs 52.27.
Earlier in August, the price rate of petrol was cut by Rs 1.42 a litre and when it comes to petrol it was Rs 2.01 per litre for diesel.
IOC told that the current level of international product prices of both diesel and rupee-dollar exchange rate warrant a drop in selling rate of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.
It also added that this movement of prices in the international oil market and rupee-USD exchange rate would continue to be observed closely and the emerging trends of the market would be reflected in future changes in the price.
On August 12th when calculated, the international crude oil price by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was $ 41.82 per barrel. This calculation was lower than price of $ 41.97 per barrel on previous publishing day of August 10.