Petrol rates cut by over Rs.2 per litre from Aug 15

In an Independence Day gift of sorts, petrol will be cheaper by at least Rs.2.18 per litre, including local levies, effective Aug 15, it was announced Wednesday.

"Indian Oil Corporation 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 state-run oil marketer said in a statement here.

This is the second cut in petrol rates after the NDA government assumed charge. The earlier reduction was effected on Aug 1 by 90 paise a litre excluding state levies.

Since the last price change, while international petrol prices have further declined, the rupee-US dollar exchange rate has significantly depreciated, all of which warranted a lowering of prices, Indian Oil said.