The price was last cut by Rs 1.42 a litre in case of petrol and by Rs 2.01 per litre for diesel on August 1.

"The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said.

The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC added.

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