Petrol price cut by 6p, diesel by 5p

The trend of miniscule reduction in petrol and diesel prices continued for the third consecutive day today with oil firms cutting rates by 6 paise and 5 paise a litre respectively.

The reductions follow softening of international oil rates and the rupee gaining against the US dollar.

Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms.

Diesel rates have been cut to Rs 69.20 per litre from Rs 69.25.

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.

This is the third reduction in rates coming after 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.

Petrol price was yesterday cut by 7 paise a litre and diesel by 5 paise. On Wednesday rates were cut by 1 paisa each.

These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on May 29.

In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.