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Updated: December 1, 2011 02:34 IST

Second cut in two weeks

Special Correspondent
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A scene at a petrol bunk in New Delhi. Petrol prices have been cut by another 78 paise from Wednesday night. The reduction comes on back of a 3.2 per cent or Rs 2.22 per litre cut in rates with effect from November 16. File photo
The Hindu A scene at a petrol bunk in New Delhi. Petrol prices have been cut by another 78 paise from Wednesday night. The reduction comes on back of a 3.2 per cent or Rs 2.22 per litre cut in rates with effect from November 16. File photo

Giving some more relief to the people, oil marketing companies (OMCs) on Wednesday announced a reduction in petrol prices by 78 paise per litre in the city due to a decline in international crude prices and drop in the rupee value in the past 48 hours. This comes as the second petrol price cut in the last fortnight, after the reduction of Rs. 2.22 per litre made on November 16.

Though the cut is 65 paise per litre, the actual reduction in petrol prices will depend on the levies that each State charges on the fuel. As per the current revision, the new per-litre petrol price in the city will be Rs. 65.64 (a 78-paise reduction), in Kolkata Rs.70.02 (82 paise), Mumbai Rs.70.65 (82 paise) and Chennai Rs.69.55 (83 paise).

In a statement, the Indian Oil Corporation said international crude prices had, in the past fortnight, moved down from $116 a barrel to $109 a barrel, while the rupee-dollar exchange rate averaged Rs. 51.50 per dollar this fortnight.

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