Petrol and diesel prices reduced by up to Rs 2.01 per litre

The petrol and diesel prices in India have been slashed by Rs 1.42 and Rs 2.01 per litre respectively. This price cut comes for the third time consecutively since last month.

Petrol in Delhi is now priced at Rs 61.09 per litre and diesel retails at Rs 52.27 per litre. All these prices have been made applicable from the midnight of August 1, 2016. The price cut is a part of the fortnightly revision reviewed by oil firms. These are based on the USD-INR exchange rates and crude oil prices.

The revision in fuel prices comes as a respite from the ever increasing prices. The last fuel price cut was on July 16, 2016 that saw petrol being reduced by Rs 2.25 per litre and diesel by Rs. 0.42 per litre. Before that, on July 1, 2016 petrol prices were slashed by 89 paise and diesel by 49 paise a litre.

All these revisions also show that diesel always saw a lower price cut and a higher hike in comparison to petrol. This had reduced the petrol-diesel price gap, however with the latest drop, the difference in petrol and diesel prices has increased again.