The retail selling price of petrol will be reduced with effect from midnight of 14th / 15th August'14 by Rs 2.18/litre at Delhi (including state levies) with corresponding decrease in other states.

''The last price revision of petrol was effected on Aug. 01, 2014 when prices were reduced by Rs 0.90/litre (excluding state levies) resulting in Retail Selling Price at Delhi going down by Rs 1.09/litre. This reduction was effected mainly on the back of a declining trend in international petrol prices. Since last price change, while International petrol prices have further declined, the INR-USD exchange rate has significantly depreciated,'' Indian Oil Corporation (IOCL).

The current levels of international oil prices and INR-USD exchange rate warrant a decrease in selling price of petrol in the domestic market. Thus a downward revision in selling price of petrol prices is being effected w.e.f midnight of 14th / 15th August '14. With this price revision, RSP at Delhi shall decrease by Rs 2.18/litre (including state levies), with corresponding decrease in other States, IOCL said.