Petrol Prices Drop By Rs. 1.42/Litre, Diesel By Rs. 2.01/Litre

Petrol and diesel prices across the country have been slashed once again, with the cost of petrol dropping by Rs. 1.42/litre, while diesel prices have fallen by Rs. 2.01/litre.

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Petrol will now be priced at Rs. 61.09 in the national capital of Delhi, down from the previous price of Rs. 62.51/litre, while diesel will now be priced at Rs. 52.27/litre against the previous Rs. 54.28/litre.

The drop in prices came into effect on midnight July 31 and was the third time that fuel prices were cut in the month of July. Prior to the three price drops in July, fuel costs had been rising for two months with petrol prices rising by Rs. 4.52 a litre and diesel by Rs. 7.72 per litre.

Fuel retailers in the country change the prices of petrol and diesel every fortnight keeping in mind global oil prices and the changes in the exchange of the Rupee and the Dollar.

"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," Indian Oil Corp, the nation's largest fuel retailer said in a statement about the price drop.