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.

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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.

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