After months of being squeezed by higher fuel prices, South African motorists are likely to receive some relief at the pumps in August. Effective from yesterday midnight, the former gets cheaper by about 2.25 rupees per litre whereas the latter by 42 paise per litre. Similarly, diesel will cost Rs.54.28 per litre as against Rs.54.70 now.
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As per the fortnightly revision of fuel prices, the prices were last time revised on July 1 in which the cost of petrol was decreased by Rs 0.89 per litre and diesel by Rs 0.49 a litre.
On June 16 we saw an increase in the prices of petrol by about 5 paise per litre and increase of about 1.26 rupees per litre for diesel. Petrol prices in the four hikes had been raised by Rs 4.52 a litre and diesel by Rs 7.72 per litre.
A press release from Indian Oil Corporation said the current level of worldwide product prices of petrol and diesel and the INR-USD exchange rate warranted a decrease in prices, the impact of which was being passed on to the consumers with the price revision.
Oil companies follow a 15 day routine every year, where they compare the prices of crude oil in the global market.
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After discounting the April 16 reduction, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 per litre.
