Petrol price has been cut by 2 rupees per litre with effect from past mid-night, following a decline in international crude oil prices. The Indian Oil Corporation while announcing the price revision has said that there is no change in diesel price.

Price cut has also been implemented by all oil retailers including Hindustan Petroleum Corp and Bharat Petroleum Corporation.

After including VAT, the reduction in price of petrol in Delhi comes to 2 rupees 40 paisa per litre while in Mumbai it comes to 2 rupees 52 paisa. The fuel now cost 68 rupees 34 paisa in Delhi while 75 rupees 14 paisa in Mumbai. The cut in petrol price is likely to bring some relief for consumers.

Petrol prices have been hiked 21 times since the government deregulated the sector.