New Delhi Aug 16 , 2016 : Petrol price was today cut by Rs 1 per litre while diesel rate was lowered by Rs 2 per litre. Revised prices will take effect from midnight.
Petrol in Delhi will now cost Rs 60.09 per litre, and diesel will cost Rs 50.27 a litre.
Fuel prices were last revised on July 31, when the price of petrol price was lowered by Rs 1.42 a litre while that of diesel was reduced by Rs 2.01 per litre.
Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.
The rupee finished at 66.88 per dollar on Friday. The Indian currency has appreciated by 13 paise, or 0.2 per cent, since last price revisio