Petrol price cut by 60 paise, diesel by 56 paise per litre

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 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.

In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that fortnight.

Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

In Mumbai, petrol price was cut by 59 paise to Rs 85.65 a litre. Diesel rates were reduced by a similar proportion to Rs 73.20.