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Some relief: Petrol price cut by Rs 2.43/litre, diesel Rs 3.60 on lower crude

Some relief: Petrol price cut by Rs 2.43/litre, diesel Rs 3.60 on lower crude - In a third drop in the petrol and diesel rates this month, Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre with effect from Friday midnight.

Petrol in Delhi will now cost Rs 64.47 per litre from Saturday as against Rs 66.90 at present, while diesel will cost Rs 46.12 instead of Rs 49.72 currently, said Indian Oil Corp (IOC) in a statement.

Last time, Petrol and diesel prices were cut by Rs 2 per litre each, excluding local sales tax, from 16 July but customers in Delhi could not enjoy the benefit as Arvind Kejriwal government raised VAT on the two fuels.

Previously, the price of petrol was cut on 1 July by 31 paise per litre and diesel by 71 paise a litre.

The statement read, "Prices of petrol and diesel were last revised on 16 July 2015. Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has, however, depreciated during this period."

State-owned fuel retailers - IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) review the price of petrol and diesel on date 1 and 16 of every month on the basis of average imported cost and rupee-dollar exchange rate in the previous fortnight.