Petrol Price Cut by Rs 2/Litre, Diesel by 50 Paise/Litre

Petrol price on Monday was cut by Rs 2 per litre while diesel rate was reduced by 50 paise a litre - the third reduction in rates this month following global cues. The new rates will be effective from the midnight of August 31 and September 1. "Since last price change, there has been a decrease in international prices of both petrol and diesel. However, INR-US Dollar exchange rate has depreciated during this period. The impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," Indian Oil Corporation or IOC - the country's largest fuel retailer - said in a statement.   NDTV