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The retail prices of petrol and diesel were reduced by Rs. 2.43 per litre and Rs. 3.60 per litre, respectively, on Friday by the oil marketing companies that are run by the government. This is the third time in July that the rates have reduced.

According a report from HT, the fall in crude oil prices in the international market had given freedom to oil marketing companies to reduce the rates of both petrol and diesel by up to Rs. 4 per litre.

With the reduction in rates, the petrol price in Delhi will become Rs 64.47/litre and the new diesel price will be Rs. 46.12/litre. Revised petrol rates in Gurgaon and Noida will be Rs 66.06 and Rs 71.51, respectively, and the diesel rates will be Rs 46.79 and Rs 51.62, respectively.

The Indian Oil Corporation Ltd (IOCL) said in a statement that, “Since last price change, there has been a decrease in international prices of both Petrol & Diesel. INR-USD exchange rate has, however, depreciated during this period. Combined 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 Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the statement added.   

Additionally, IOCL said that rates of non-subsidised LPG cylinders (14.2kg) have been reduced to Rs. 585 from Rs. 608.50 per cylinder in Delhi. Although, the price of subsidised LPG will not alter.

Last time, there was a reduction in the prices of the base diesel and petrol rates by Rs 2 each liter, on July 16. However, this reduction was nullified due to local taxes in few states including Delhi.

-Sumana