Petrol price cut by Rs 3

NEW DELHI:Petrol price was Tuesday slashed by Rs 3 per litre, the steepest reduction in rates in over five years.

The fourth reduction in rates since March means that petrol in Delhi will cost Rs 63.09 a litre with effect from midnight tonight as against Rs 66.09 per litre currently.

Rates will vary from city to city depending on local sales tax or VAT.

Tuesday's price cut comes after three consecutive rate reductions on the back of falling international oil prices. State-owned oil firms, which revise rates every fortnight, had from April 16 cut petrol price by Rs 1.20 a litre in Delhi.

On March 16, the rates were cut by Rs 2.40 per litre and by Re 1 in the following fortnight.

The price cut announced Tuesday is the steepest since December 2008 when rates were slashed by Rs 5 to Rs 45.62 per litre.

Announcing the reduction, Indian Oil Corp (IOC), the nation's largest fuel retailer, said that since the last price change, international prices have declined from USD 116.61 per barrel to USD 107 a barrel. Agencies

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