In a relief to inflation-battered common man , petrol price was on Thursday cut by Rs.2.46 per litre, the second reduction this month.
Petrol price in Delhi will cost Rs.67.78 per litre with effect from Thursday midnight as compared to Rs.70.24 a litre rate now, state-owned oil companies announced on Thursday.
The reduction in rates follows a Rs.2.02 a litre cut in prices from June 3. The two price cuts have wiped out more than half of the massive Rs.7.54 per litre increase in rates, the biggest in the history, effected last month.
Even after Thursady’s reduction, there exists a scope for cutting rates by a further Re 1 per litre as current revision was done at average international oil rate in the first fortnight of June. Global oil prices have fallen by 8 per cent since then.
In Mumbai, petrol price has been cut by Rs.3.10 to Rs.73.35 per litre, while it will cost Rs.72.74 a litre in Kolkata from Friday compared to Rs.75.81 per litre currently. Chennai saw a Rs.3.07 per litre cut in price to Rs.72.74 a litre.