More Relief: Petrol Price Slashed Again, by 78 Paise Per Litre

Daijiworld Media Network

New Delhi, Nov 30: In further relief to consumers, the price of petrol has been slashed by 78 paise per litre, effective from Thursday December 1.

Though it was expected that the price would be slashed by Rs 1, a drop in the rupee in the last two days resulted in a lower price cut.

This is the second reduction in the petrol price in the last two weeks. On November 16, the price was lowered by Rs 2.22 per litre.

The reducation comes in the wake of decrease in the global crude rates. Indian Oil Corp (IOC) said the reduction was made possible as the decline in international rates of the fuel outweighed the drop in the rupee.

"The combined impact of the two factors is an over-recovery of Rs 0.65 per litre (excluding taxes)," it said in a statement.

With this, petrol in Delhi will cost Rs 65.64 per litre, while in Mumbai it will be Rs 70.65 a litre.

On November 4, the oil companies had hike the petrol price by Rs 1.80 a litre