The petrol prices rates are revaluated on 1st and 16th of every month by state retailers depending on the average international oil price and the rupee-dollar exchange rates in the preceding fortnight.

This will be the third reduction in the petrol rates this month as oil first had also reduced price by Rs 2.18 per litre on August 14.
The current cost of petrol in the national capital is Rs 70.33 per litre.

Petrol prices were freed by the Indian government in June 2013. The rates have moved in tandem with the cost mostly since then.

On the other hand for diesel, the government had taken a decision to get rid of the grant in stages through monthly increases in price by up to 50 paise per litre.

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