Public sector oil marketing companies today cut retail prices of petrol and diesel by over Re 1 a litre following a softening of international crude prices. This is the third cut in the prices of the two automobile fuels in the past two months.
In Delhi, petrol prices have been cut by Rs 1.10 a litre to Rs 30.40 a litre. Diesel prices will be lowered by 95 paise to Rs 19.18 a litre from Rs 20.13 a litre. The revised prices will be effective from midnight.
For Mumbai, the new petrol price will be Rs 35.24 a litre, against Rs 36.43 a litre earlier. Diesel prices will be lowered to Rs 24.37 a litre from Rs 25.50 a litre.
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In Kolkata, petrol will now cost Rs 31.91 a litre, against Rs 33 a litre earlier.
The new price of diesel will be lowered to Rs 20.57 from Rs 21.51 a litre.
In Chennai, petrol prices have been brought down to Rs 33.22 a litre from Rs 34.40 a litre. The diesel prices have been reduced by Rs 1.05 a litre to Rs 21.38 a litre from Rs 22.43 a litre.
The international crude prices were on a decline since the war on Iraq started.
The Indian basket of crude which had averaged $28.80 a barrel in March, slumped to $24.21 a barrel in April.
With the crude breaching $30 a barrel in January-March, the oil companies had increased petrol and diesel prices by around Rs 5 per litre each.