Petrol and diesel prices down by more than Rs 2 per litre

State-run oil companies have slashed the prices of petrol and diesel by more than Rs 2 per litre after the fortnightly revision so that local prices can be aligned with international rates.

Petrol has been made cheaper by Rs 2.16/litre, while prices of diesel have been reduced by Rs 2.10/litre, says a statement by Indian Oil Corp, country’s biggest fossil fuel retailer.

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Retail prices would be reduced as per state levies.

'The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant decrease in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision,' Indian Oil said.

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It added that it would continue keeping a close eye on the movement of prices in the international oil market, along with INR-USD exchange rate. This developing trend would also be reflected in all the price changes in the future, it added.