Indian Oil Corp (IOC), the nation's largest fuel retailer had indicated on Tuesday that petrol prices may be cut on the back of softening in international rates.
"Petrol is a decontrolled product and prices increase or decrease depending on input cost every fortnight. We had cut rates on August 1 and will be reviewing prices on August 15," IOC chairman B Ashok said.
Oil firms had last cut rates on August 1 by Rs. 1.09 per litre, the first reduction in price since mid-April. Petrol currently costs Rs. 72.51 per litre in Delhi.
This will be the second reduction in rates this month.
The government had in June 2010 freed petrol prices and since then rates have moved in tandem with the cost on most occasions.
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