Nagpur: With oil prices nose-diving globally on various counts the oil companies in India announced a cut in petrol and diesel prices. Petrol price was cut by Rs 2 per litre and diesel by 50 paise on Monday evening, the third reduction in rates this month following global cues.

Oil firms had last cut petrol price by Rs 1.27 a litre and diesel by Rs 1.17 per litre with effect from August 15.

Prior to that, rates of petrol were cut on August 1 by Rs 2.43 a litre and that of diesel by Rs 3.60.

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“Since last price change, there has been a decrease in international prices of both petrol and diesel. However, Rupee-US Dollar exchange rate has depreciated during this period. The 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,” IOC said in a statement.

Last month, the price of petrol was cut on July 1 by 31 paise per litre and diesel by 71 paise a litre. This was followed by a Rs 2 per litre cut in rates of both petrol and diesel, excluding local sales tax, from July 16.

“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,” IOC said.