New Delhi: In a relief to common man, petrol price was on Tuesday cut by Rs 3 per litre, effective from midnight.
Following the revised prices, the petrol in Delhi will now cost at Rs 63.09 per litre. The latest rate cut has come in line with the decline in international oil prices.
This is the third reduction in the petrol rates in the month of April. Petrol price was last cut by Rs 1 per litre on April 15. Earlier petrol rate was slashed by 85 paise a litre on April 2.
The revised prices of petrol in four metros will be as follows: Delhi Rs 63.09 per litre, Mumbai Rs 69.73 per litre, Kolkata Rs 70.35 per litre and Chennai Rs 65.90 per litre.
Announcing the reduction, Indian Oil Corp (IOC), the nation's largest fuel retailer, said that since the last price change, international prices have declined from USD 116.61 per barrel to USD 107 a barrel.
Rupee-US dollar exchange rate too improved from Rs 54.51 to a US dollar to Rs 54.26. "Thus, it has been decided to pass on the benefit to customers and accordingly the aforesaid reduction in the retail selling price of petrol is being affected," an IOC statement said.
