New Delhi, August 13
Petrol will become cheaper by almost Rs 2 from midnight tomorrow on the eve of Independence Day following softening of global crude oil prices and appreciation of the rupee.

The Indian Oil Corporation said it has decided to slash the petrol price from August 14-15 midnight by Rs 2.18 a litre in Delhi (including state levies) with corresponding decrease in other states.

The last price revision of petrol was effected on August 1 when the fuel got cheaper by 90 paisa a litre (excluding state levies). The IOC statement was preceded by a similar announcement by Petroleum Minister Dharmendra Pradhan. Pradhan took to his Twitter account to say the fuel price will be slashed from midnight of August 14-15.

“Price of petrol will be reduced from midnight of 14/15 August 2014 in the range of Rs 1.89-2.38 (Rs 2.18/litre at Delhi),” he tweeted. Pradhan made the announcement more than 31 hours before the price cut is to be implemented. So far, state-owned oil firms announced the price revision only on the eve of the change being effected to avoid hoarding by petrol pump owners.

The government no longer decides petrol prices. Oil companies got the freedom on pricing after the fuel was deregulated in 2010.