Oil Minister Dharamendra Pradhan said on Wednesday that petrol prices will be cut by Rs 1.89 to Rs 2.39 per litre as the international rates are coming down. Oil companies have last time reduced prices on August 1st by Rs 1.09 which is the first in the NDA government. Retailers revise prices every 15 days based on the average international price and Rupee value against Dollar.
However, earlier the UPA government also did similar announcement but did not cut down the prices much to benefit the oil companies which are running in losses on Diesel and Kerosene. There won't be any change in the Diesel prices as they will be reviewed every month.