Petrol prices were last cut on June 30,2015 by 31 paise per litre and diesel by 71 paise a litre in line with a fall in international oil rates.
Oil firms review the prices of petrol and diesel every fortnight. On Tuesday July 14,2015, Brent crude was trading at $57 levels.
Earlier, petrol and diesel prices were increased in Delhi after the state government decided to increase VAT (value added tax) rate on the two fuels with effect from Thursday July 16,2015
However after the subsequent revision, petrol in Delhi will be dearer by 28 paise while diesel will be cheaper by 50 paise.
Global oil prices have fallen below the $60 level for the first time since April 2015 on concerns over China slowdown and oversupply.
Last Monday July 13,2015, oil prices fell nearly 8 % - its biggest selloff in 5 months - after Greece had rejected the bailout terms in a referendum.
The recent Iran nuclear deal could also pressure on oil prices. A milestone nuclear deal reached on Tuesday July 14,2015 between six world powers and Iran will mean sanctions that have limited sales of Iranian oil for several years are likely to be lifted in early 2016.
Oil minister Dharmendra Pradhan said Iran's eventual return to international oil markets would lead to lower prices.
Note
India imports close to 80 % of its oil requirement.
Besides global oil prices, the value of rupee is a key determiner of domestic petrol and diesel prices
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