Petrol, diesel cut after 16 days: Petrol at Rs 77.83 / litre in Delhi

The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates

After 16 days of relentless price hikes, petrol price was today cut by about 60 paise a litre and diesel by 56 paise on the back of softening international oil rates and strengthening Indian rupee.

Petrol price in Delhi was cut by 60 paise to Rs 77.83 a litre. Rates had yesterday touched an all time high of Rs 78.43 per litre, according to a price revision notification of state-owned oil firms.

Diesel rates were cut by 56 paise in Delhi to Rs 68.75 per litre. Prices are now off their peak of Rs 69.31 a litre.

The reduction comes