The price of petrol has been slashed by Rs 2.25 a litre, and that of diesel by 42 paise a litre, reported PTI. This is the second time this month that the fuel prices have been cut. The new prices were put in effect from Friday midnight.

In Delhi, a litre of petrol will now cost Rs 62.51, while diesel will be Rs 54.28 per litre. On July 1, petrol price was cut by 89 paise a litre and diesel by 49 paise. "The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” read a statement released by the country's largest fuel retailer.

Bharat Petroleum Corporation, Hindustan Petroleum Corporation and IOC review fuel prices in the country on the 1st and 16th of every month.