Petrol price cut by Rs 1.42 per litre, diesel by Rs 2.01 per litre

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New Delhi | Updated: July 31, 2016 8:09:54 PM

Oil companies have slashed both petrol an diesel prices by as much as Rs. 1.42 a litre and Rs. 2.01 a litre respectively.

The new prices will be effective from midnight tonight.(Reuters)Before this, oil companies had slashed both petrol and diesel prices by as much as Rs. 2.25 a litre and Rs 0.42 a litre respectively on July 15th. (Reuters)

Petrol price was today cut by Rs. Rs. 1.42 a litre and diesel by Rs. 2.01 paise a litre, the third decrease in rates this month. The revised rates will be effective from midnight.

Petrol will cost Rs 61.09 a litre in Delhi as compared to Rs 62.51 a litre currently. Similarly, diesel will cost Rs 52.27 per litre as against Rs 54.28 currently.

Before this, oil companies had slashed both petrol and diesel prices by as much as Rs. 2.25 a litre and Rs 0.42 a litre respectively on July 15th.

After which the petrol was available at Rs 62.51 a litre in Delhi, while diesel was costing Rs 54.28 per litre. This is the third consecutive cut in the fuel rates.

Prior to the price cuts this month, rates had been increased four times since May 1.

Petrol prices in the four hikes had been raised by Rs 4.52 a litre and diesel by Rs 7.72 per litre.

“The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” the Indian Oil Corporation was quoted as saying in a statement by news agency PTI.

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