Petrol and diesel prices were on Monday cut by Rs. 2 per litre each as international oil prices slumped to five-year low.
This is the eighth straight reduction in petrol prices since August, and fourth in diesel since October. New rates will be effective midnight tonight (Monday), Indian Oil Corp announced here.
In Delhi, petrol will cost Rs. 61.33 a litre, the lowest in 44 months, as compared to current price of Rs. 63.33. The price has been cut by Rs. 2.09 a litre in Mumbai to Rs. 68.86.
Rates differ from State to State because of varied rates of local sales tax or VAT.
Diesel will cost Rs. 50.51 a litre in Delhi, the lowest since July 2013, as against the current rate of Rs. 52.51. In Mumbai, it will cost Rs. 57.91 per litre.
The rate cut would have been steeper but for the government deciding to make hay out of the crude oil rate slump to $ 62.37 per barrel by raising excise duty on petrol by Rs. 2.25 and by Re. 1 a litre on diesel.