The petrol price on Monday was slashed by Rs. 2 per L while that of diesel was cut by 0.50 Paise per L to be effective from midnight. The cut in the prices are inclusive of state levies and will vary from state to state.

“Since last price change (with effect from 1^st August, 2015), there has been a decrease in international prices of both petrol and diesel. The rupee-dollar exchange rate has, however, depreciated during this period. Combined effect 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,” IndianOil said in a statement.

Earlier on 16^th August, oil companies had cut their prices of petrol by Rs. 1.27/L while that of diesel was cut by Rs. 1.17/L.