Petrol price will be cut by Rs 1.89-2.38 per litre from August 15, Oil Minister Dharmendra Pradhan announced on Wednesday.
In perhaps for the first instance of a minister announcing the reduction in price of a petrol which was deregulated or freed from government control in June 2010, Pradhan took to his twitter account to say that the fuel price will be cut 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.
Till now, state-owned oil firms announced the price revision only on the eve of the change being effected to avoid hoarding by petrol pump owners.