Oil marketing companies (OMCs) slashed petrol price by Rs 1 a litre and diesel price by Rs 2 a litre at Delhi including state levies w.e.f. midnight of August 16, 2016 with corresponding price revision in other states. With this change, the price of Petrol in Delhi will become Rs 60.09 a litre. Subsequently, the price of Diesel in Delhi will become Rs 50.27 a litre.

Commenting on the price oil marketing companies, largest OMC, Indian Oil Corporation (IOCL) said, "The current level of international product prices of Petrol & Diesel and INR-USD exchange rate warrant decrease in price of Petrol and increase in price of Diesel, the impact of which is being passed on to the consumers with this price revision.''

''The movement of prices in the 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,''  it added.