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Petrol will become cheaper by INR 2.18 a litre in Delhi and up to INR 2.38 in some cities on the Independence Day, bringing its pump prices to the lowest in one year, as the fuel slumped in international markets. that state oil firms would announce the price cut before Independence Day. Oil minister Dharmendra Pradhan on Wednesday tweeted about the change in pump prices "in the range of INR 1.89-2.38" per litre. Prices vary depending on cities and states because of local levies.

This is the second biggest price cut announced since October 1 when companies slashed petrol price by INR 3.66 a litre in Delhi. And, two consecutive price cuts this month have reduced retail price by INR 3.27 per litre this month — on August 1, oil companies had cut INR 1.09 a litre in Delhi.

Petrol will be sold at INR 70.33 per litre in the capital from Friday, which is close to the retail price prevailing a year ago."Since last price change, while international petrol prices have further declined, the rupee-dollar exchange rate has significantly depreciated.

The current levels of international oil prices and exchange rate warrant a decrease in selling price of petrol in the domestic market," Indian Oil Corp said in a news release. A diesel price hike by about 56 paise in Delhi is expected by the end of this month.

The Cabinet in January last year allowed state oil companies to raise diesel rates in small monthly doses until its pump rate is aligned with market price. Meanwhile, the oil ministry is preparing to approach the Cabinet soon with a proposal for comprehensive fuel-pricing reforms that would end uncertainty over subsidy sharing by state explorers such as Oil & Natural Gas Corp.

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