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Petrol prices were cut on Tuesday by Rs 1 a litre but the first reduction in diesel rates in five years will have to wait till completion of Assembly polls.
State-owned oil firms, which cut the petrol price by 54 paisa on 1 October, reduced rates by another Rs 1 per litre, excluding local sales tax, with effect from midnight, Indian Oil Corporation (IOC) announced here. The price revision was due on Tuesday but was announced ahead of polling in Maharashtra and Haryana. After accounting for the incidence of local sales tax, petrol rate in Delhi was reduced by Rs 1.21 a litre to Rs 66.65 per litre, according to IOC. In Mumbai, petrol price was cut from Rs 75.73 to Rs 74.46 per litre. "Since the last price change, international petrol prices have continued to show a downward trend. However, the rupee-dollar exchange rate has depreciated. Despite the depreciation, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market," IOC said.
