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Petrol rates reduced by Rs.2.18 per litre

| | Aug 14, 2014, at 01:56 am
New Delhi, Aug 3 (IBNS): Giving minor relief to consumers, state-run oil companies on Wednesday decreased prices of petrol by Rs. Rs.2.18 per litre and it will be effective from Aug 15.

"Indian Oil Corporation Ltd. has decided to decrease the Retail Selling Price of Petrol w.e.f midnight of 14th / 15th August '14 by Rs 2.18/litre at Delhi (including state levies) with corresponding decrease in other States," the Indian Oil Corporation Ltd said in a statement on Wednesday.

"The last price revision of Petrol was effected on 1st August’14 when prices were reduced by Rs. 0.90/litre (excluding state levies) resulting in Retail Selling Price at Delhi going down by Rs 1.09/litre. This reduction was effected mainly on the back of a declining trend in international petrol prices. Since last price change, while International petrol prices have further declined, the INR-USD exchange rate has significantly depreciated," it said.

"The current levels of international oil prices and INR-USD exchange rate warrant a decrease in selling price of petrol in the domestic market. Thus a downward revision in selling price of petrol prices is being effected w.e.f midnight of 14th / 15th August '14. With this price revision, RSP at Delhi shall decrease by Rs 2.18/litre (including state levies), with corresponding decrease in other States," read the statement.

This is the second time petrol rates were reduced since the Bharatiya Janata Party (BJP)-led government at the Centre assumed charge.

India will celebrate Independence Day on Aug 15.

Image: Wikimedia Commons

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