Petrol price was on Monday cut by Rs 3.05 per litre, the first reduction in rates in over five months and the steepest in over five years, while diesel prices were raised by 50 paise a litre.

The price changes announced by oil companies are excluding local sales tax or VAT and will be effective midnight tonight.

The petrol price in Delhi will be cut by Rs. 3.66 to Rs. 72.40 per litre, while it will cost Rs. 79.49 per litre in Mumbai as against Rs. 83.63 currently.

Since June petrol prices have been raised seven times, totalling Rs. 10.80 per litre, excluding VAT (Rs. 13.06 after including state tax) as the rupee depreciated sharply against the dollar.

The diesel price in Delhi has been hiked by 57 paise to Rs. 52.54 per litre while it would cost Rs. 59.46 in Mumbai as compared to Rs. 58.86 currently.

Alongside, oil firms also raised rates of non-subsidised domestic cooking gas that households buy after exhausting their quota of 9 subsidised cylinders.

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