New Delhi : Petrol prices are likely to fall on Independence day as state-run oil companies are planning to cut the fuel’s price by Rs.2.50 per litre.

Currently petrol is sold at Rs.72.51 per litre in Delhi and the truncated price will amount to about Rs.70 per litre.

The cut may be steeper if the downward trend in international petrol rates continues and the rupee strengthens against the dollar by August 15.

This will be the second consecutive petrol price cut in a month. Petrol price was last cut by Rs.1.09 a litre on August 1.