The 1st of September starts with good news as the price of petrol has been reduced by Rs 2 per litre and diesel by 50 paise. This is the third consecutive price drop.
The revised prices are effective midnight 31st of August.
Indian Oil Corporation said in a release, "Since last price change, there has been a decrease in international prices of both Petrol & Diesel. However, Rupee-USD exchange rate has depreciated during this period."
"The 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."
"The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."