So, the beginning of the week has brought us all a good news in the form of price cut of petrol by Rs. 2.25 and diesel by 42 paise in the country. This is the second slash in fuel prices in this month.
Earlier, on July 1, petrol prices were dropped by 89 paise and diesel prices by 49 paise. Before the price cuts in July, prices for petrol and diesel had gone up by four times since May 1 which led to overall increase of Rs. 4.52 per litre of petrol prices and Rs. 7.72 per litre for diesel prices.
The new prices will be applicable from midnight of July 16, 2016. So, with the new drop in prices, petrol and diesel in Delhi costs Rs. 62.51 a litre and Rs. 54.28 a litre respectively. This means the difference between prices of petrol and diesel has come down to just 8 rupees.
The fuel prices get revised and reviewed every fortnight on the 1st and 16th of every month in India. Bharat Petroleum Corporation Ltd. (BPCL), Indian Oil Corp (IOC), and Hindustan Petroleum Corporation Ltd (HPCL) are the responsible bodies to figure out changes in the fuel prices depending on the prices for international crude oil prices and INR-USD conversion rates.