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</p><p>&nbsp; On Sunday, following the global factors effecting the pricing of petroleum products has led to drop in both petrol and diesel rates. Petrol prices were slashed by Rs 1.42 a liter and diesel by Rs 2.01 per liter. This was the third reduction in rates this month on global cues and couple of more changes are expected by year end.&nbsp;The country's largest fuel retailer- Indian Oil Corporation, said that after reduction petrol will now cost Rs 61.09/liter in Delhi effective from Sunday midnight as compared to Rs 62.51/liter earlier. While, diesel will cost Rs 52.27/liter as against its rate of Rs 54.28/liter.&nbsp;Before the cycle of reduction started in this month there had been hike in rates on four occasions since 1st May 2016 and actual trend of hike has been since March 2016 except price drop in April 2016. In 4 hikes total rates were raised by Rs 4.52/liter for petrol and Rs 7.72/liter for diesel.</p><p>&nbsp; This has been the third reduction in rates this month. Petrol price was last cut by Rs 2.25/liter on 16th July 2016, while Diesel was reduced by Rs 0.42/liter. And even prior to that petrol price was cut by 89 paise/liter and diesel by 49 paise/liter on 1st July 2016. "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," IOC said in a statement.&nbsp;</p><p>&nbsp; Analyzing the fluctuation and putting things in nut shell, considering drop in April 2016, petrol prices have leaped by Rs 9.04/liter since March 2016 and diesel by Rs 11.05/liter. The movement 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 reflected in future price changes, IOC added.</p><p></p>