Oil marketing companies (OMCs) slashed petrol price by Rs 2.43 a litre and diesel price by Rs 3.60 a litre at Delhi including state levies w.e.f midnight of July 31, 2015 with corresponding price revision in other States. With this change, the price of petrol will be Rs. 64.47 a litre. Subsequently, the price of diesel will be Rs. 46.12 a litre.

Commenting on the price reduction, India's largest OMC, Indian Oil Corporation (IOCL) said, 'Prices of Petrol and Diesel were last revised w.e.f. 16th July'15. Since last price change, there has been a decrease in international prices of both Petrol & Diesel. INR-USD exchange rate has, however, depreciated during this period. Combined 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.

The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.'