Petrol prices cut by 70 p, diesel rates unchanged

In the second reduction this month, petrol prices were again slashed by more than 70 paise per litre from Tuesday-Wednesday midnight. Petrol will now cost Rs 78.27 per litre in Bangalore, down 92 paise from the earlier Rs 79.19 per litre.

Although the base price reduction was only 70 paise, the cut will be more after the local taxes are reduced in the states.

Consequently, after the price cut, petrol will sell at Rs 71.41 per litre, lowered by 85 paise. In Mumbai, it will cost Rs 80, down from Rs 80.89 at present. In Kolkata, it will sell at Rs 79.25, down from Rs 80.13 and in Chennai it will be Rs 74.60 as against the earlier Rs 75.49.

Petrol prices were earlier cut on April 1 by 75 paise, excluding VAT. “This reduction was effected on the back of a declining trend in international prices of MS (motor spirit) accompanied by a strengthening of the rupee-US$ exchange rate,” India’s largest fuel retailer Indian Oil Corporation said in a statement.