This will be the second reduction in rates this month.
New Delhi: Petrol prices will be slashed down by Rs 1.89-2.38 from the midnight of August 14/15, said Oil Minister Dharmendra Pradhan on Wednesday.
This will be the second reduction in rates this month.
The previous government had in June 2010 freed petrol prices and since then rates have moved in tandem with the cost on most occasions. For diesel, the government had in January 2013 decided to eliminate the subsidy in stages through monthly increases in prices by up to 50 paise per litre.
State retailers revise petrol price on 1st and 16th of every month based on average international oil price and rupee-dollar exchange rate in the previous fortnight.
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