Petrol and diesel prices have been slashed for the second time this month with the price of petrol falling by 3.5 percent and diesel by 0.8 percent.
In terms of actual money, petrol is now cheaper by Rs.2.25 while diesel prices have fallen 42 paise.
In the national capital of Delhi, petrol will now cost Rs 62.51/litre down from the previous price of Rs. 64.76/litre.
Meanwhile, Delhiites will have to shell out Rs. 54.28/litre of diesel down from the previous price of Rs. 54.70 a litre.
At the end of last month, petrol and diesel prices were slashed by 89 paise/litre and 49 paise/litre respectively. The drop in prices brought to an end four fortnights of increasing petrol and diesel prices.
The Indian Oil Corporation (IOC) gave out the reason for the drop in prices in a statement saying, "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."
Prices of petrol and diesel are decided every fortnight by state-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and the Hindustan Petroleum Corp Ltd (HPCL) r