Petrol price cut by 7 paise, diesel by 5 paise per litre

New Delhi: Petrol price on Thursday was cut by 7 paise a litre and diesel by 5 paise – the second reduction in as many days on the back of softening international oil rates.

Petrol in Delhi now costs ₹78.35 a litre, down from ₹78.42, according to a price notification issued by state-owned oil firms. Diesel rates have come down to ₹69.25 per litre from ₹69.30 reported PTI.

Thursday’s price reduction is the second reduction in rates coming after a 16 day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.

Petrol and diesel prices were on Wednesday cut by a mere 1 paisa per litre each. That reduction followed rates touching an all-time high of ₹78.43 per litre for petrol and ₹69.31 for diesel in Delhi on Tuesday.

Since prices vary from state-to-state depending on local sales tax or VAT, Delhi apparently has the cheapest price among all metros and most state capitals. In the 16 consecutive increases since May 14, petrol price was hiked by ₹3.8 per litre and diesel by ₹3.38.