Petrol price cut by one rupee per litre

In a third straight reduction in rates in one month, state-owned oil companies on Monday cut petrol price by Re.1 a litre, excluding state taxes or VAT, HT reports.

In a third straight reduction in rates in one month, state-owned oil companies on Monday cut petrol price by Re.1 a litre, excluding state taxes or VAT.

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To be effective from Tuesday, the cut will bring down price of petrol to Rs.72.88 a litre, including taxes, in Mumbai.

While petrol in Mumbai will cost Rs.1.26 less per litre, in Delhi the price cut is Rs.1.20 a litre and the fuel will cost Rs.66.09.

Oil companies said the price cut was made possible because of fall in international oil prices.

However, there will be no change in diesel prices even though Monday was the appointed day for putting into effect the government's decision to hike rates by 40-50 paise a litre.

Petrol price was last reduced by 85 paise a litre on April 2 and by Rs.2 a litre on March 16.

The March cut after including VAT translated into a Rs.2.40 a litre reduction. It was the steepest cut in nine months.