Another price slash has been announced for petrol and diesel. The prices of petrol has been cut by Re. 1 and diesel by Rs. 2 per litre on August 16, 2016. The recent reduction has been made in the prices of fuel since July, 2016.
After the price slash, the price of petrol will be Rs. 60.09 per litre in Delhi from midnight compared to the earlier price of Rs. 61.09 per litre. Diesel will now cost Rs. 50.27 per litre compared to the earlier cost of Rs. 52.27. Earlier a price slash of Rs. 1.42 per litre in case of petrol and Rs. 2.01 per litre in terms of the prices of diesel on August 1, 2016.
The Indian Oil Corporation said, “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”.
Meanwhile the prices of fuel in the international market will closely be monitored and the Rupee –USD exchange rate will also be kept a watch on. The developing trends in the market will soon be reflected in future price changes.
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