<p></p><p>&nbsp; Following a drop in international rates, the prices of petrol and diesel were slashed in the country. On Monday the price of petrol dropped by 1 rupee and diesel by 2 rupees. According to Indian Oil Corp(IOC) petrol will cost Rs. 60.09 a litre in the capital from midnight of 15th August compared to Rs. 61.09 a litre before. On the other hand diesel will cost Rs. 50.27 per litre against Rs. 52.27 per litre. This is the fourth time when the prices of the fuel were cut since July.</p><p>&nbsp; Fuel prices were last revised on 1st August, when the petrol price was slashed by Rs. 1.42/litre and diesel by Rs 2.01/litre. The major factors behind the price reduction of fuels are the changes in international prices and the rupee versus dollar exchange rate. "The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision." IOC said. Also IOC added in a statement that the fluctuation of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be affected in the future price changes.</p><p></p>