ibnlive » India

Apr 30, 2013 at 10:36pm IST

Petrol price slashed by Rs 3, effective from midnight

New Delhi: In a welcome relief, the petrol price was slashed by Rs 3 on Tuesday evening, effective from midnight. The petrol price was slashed as crude oil became cheaper in international market.

Earlier reports had suggested that the petrol prices may be slashed by up to Rs 2 effective from May 1.

Following are the revised prices of petrol in four metros, effective from midnight. Delhi Rs 63.09, Kolkata Rs 70.35, Mumbai Rs 69.73, Chennai Rs 65.90 (All rates in Rs/litre).

This is the fourth cut in less than two months. Petrol prices were last cut by Rs 1 per litre on April 15, the third reduction in a month. Earlier in April, the price was reduced by 85 paise per litre.

The price cut announced on Tuesday is the steepest since December 2008 when rates were slashed by Rs 5 to Rs 45.62 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.

With additional information from PTI