The state owned oil companies have announced a cut in petrol prices by 85 paise a litre from today midnight. This is the second cut in petrol rates in two weeks. The diesel prices on the other hand will increase later this month due to partial deregulation announced by the government.
The current price cut is due to drop in the international oil prices; also the international petrol prices have reduced from USD 122.74 per barrel to USD 119.23 a barrel. After deducting taxes the revised petrol prices per litre in the four metro citiesr are – Rs 74.14 in Mumbai, Rs