State-run fuel retailers on Tuesday, August 24, cut petrol and diesel rates by 15 paise per litre. The second petrol price reduction in three days made it cheaper by 35 paise after it remained at record Rs. 101.84 a litre for 36 days since July 17.

The total diesel price cut is steeper compared to petrol. Oil marketing companies (OMC) have so far reduced diesel rates for the fifth consecutive in last seven days, making it cheaper by 95 paise a litre. Diesel rates started softening after it surged to an all-time high at RS89.87 a litre on July 15 and stayed there for 34 days.

Indian Oil Corporation (IOC) pumps are now selling petrol at Rs101.49 per litre in Delhi and diesel at Rs88.92 a litre. While fuel rates of Indian Oil Corp in Delhi are the benchmark for the entire country, retail prices of the two fuels differ from place to place because of variations in state taxes and local levies.

PM Narendra Modi calls a meeting today to discuss these issues

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