Petrol price drop

Petrol prices drop by Rs 2, diesel by Rs 0.50 per litre, Brent crude oil trades at USD 48.62 per barrel.



The fortnightly revision of petrol and diesel prices brought further relief to the consumers. Effective midnight, August 31/September 1, 2015, petrol will be slashed by Rs 2 per litre whereas diesel prices will be reduced by Rs 0.50 per litre. With the new prices in effect, a litre of petrol in Delhi will cost Rs 61.20 while the diesel will cost Rs 44.45 per litre.The price cut is a result of decrease in international prices of both petrol and diesel. Brent crude oil price was trading near $48.62 per barrel on Monday, August 31, 2015.“Since last price change (with effect from August 1, 2015), there has been a decrease in international prices of both petrol and diesel. The rupee-dollar 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,” Indian Oil Corporation said in a statement.Previous revisions in the petrol and diesel prices saw both the commodities becoming cheaper Rs 1.27/litre and 1.17/litre respectively. Revisions dated August 2015 saw the prices fall sharply by 2.43 per litre for petrol and Rs. 3.60 per litre for diesel.“Since last price change (with effect from August 1, 2015), there has been a decrease in international prices of both petrol and diesel. The rupee-dollar 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,” Indian Oil Corporation said in a statement.Previous revisions in the petrol and diesel prices saw both the commodities becoming cheaper Rs 1.27/litre and 1.17/litre respectively. Revisions dated Aug 1, 2015 saw the prices fall sharply by 2.43 per litre for petrol and Rs. 3.60 per litre for diesel.