Petrol now cheaper by Rs 3

In a welcome move, petrol prices were lowered by Rs 3 from midnight. This was the 4th Petrol price cut in 2 months and will provide some relief to petrol car owners. 

The new prices are as follows:

• Delhi - Rs 63.09 (Diesel - Rs 48.63)
• Calcutta - Rs 70.48 (Diesel - Rs 52.86)
• Mumbai - Rs 69.88 (Diesel - Rs 54.87)
• Chennai - Rs 66.08 (Diesel - Rs 51.78) 

The last time the price of petrol was reduced by this magnitude was in December 2008, when there was a reduction of Rs 5.

According to Indian Oil Corporation (IOC), International prices have declined per barrel from USD 116.61 to USD 107. This, along with an improved Rupee-US Dollar exchange rate (from Rs 54.51 to Rs 54.26) has resulted in the reduction of petrol prices.