The Indian oil marketing companies has cut the prices of petrol by Rs 1.89 to 2.38 per litre from August 15, 2014. Dharamendra Pradhan, Oil Minister, said that this reduction in petrol prices is a subsequent result of softening in international rates. Indian Oil Corporation (IOC) had hinted about the same on Tuesday saying that deterioration in international crude prices may lead to cut in petrol prices. In the national capital, Delhi, the petrol is now being sold Rs. 2.18 cheaper; while in several other regions it has come down by upto Rs. 2.38
Mr. Pradhan tweeted about the change in fuel prices "in the range of Rs 1.89-2.38" per litre. Prices would vary depending on cities and states because of local taxes. B Ashok, IOC chairman said, "Petrol is a decontrolled product and prices increase or decrease depending on input cost every fortnight. We had cut rates on August 1 and will be reviewing prices on August 15."
Indian Oil Corp said in a statement, “Since last price change, while international petrol prices have further declined, the rupee-dollar exchange rate has significantly depreciated. The current levels of international oil prices and exchange rate warrant a decrease in selling price of petrol in the domestic market."
