Oil marketing companies have cut petrol prices by Rs 1.09/litre and raised disel prices by Rs.0.50/litre with effect from Aug. 1, 2014.

''During the past fortnight, petrol prices have shown a downward trend while the INR-USD exchange rate has slightly depreciated. The combined impact of the two factors warrants a decrease in RSP of MS by Rs. 1.09/ litre at Delhi (inclusive of VAT) with corresponding decrease in other states. The said decrease is being effected from midnight of 31st July/1st Aug'14,'' Indian Oil Corporation (IOCL).

Further, since price of Diesel in international market has also shown a downtrend, the selling price of Diesel sold to bulk consumers (Bulk HSD) shall reduce by Rs 0.72/litre at Delhi (including VAT) with corresponding decrease in other states.

International prices of LPG also witnessed a downtrend during this period. As a consequence of which selling price of Domestic Non-Subsidised LPG cylinder shall reduce by Rs 2.50 for a 14.2 kg cyl and that of LPG Commercial cylinder by Rs 4 for a 19 kg cyl at Delhi (including VAT) with corresponding decrease in other states.

For Retail Diesel, on Jan.17,2013, GOI authorized PSU OMCs to increase selling price within a small range every month. Accordingly, an increase of Rs. 0.50/litre (excluding VAT) is being effected in Retail Diesel prices resulting in increase of Rs. 0.56/ litre in RSP at Delhi (including VAT) with corresponding increase in other states.