Petrol price cut by 75 paise a litre; diesel hike put off
March 31, 2014  21:23
The price of petrol was today cut by 75 paise per litre, the first reduction in five months, while the already unpopular monthly hike in diesel rates was put off during the election season. 

The reduction, effective midnight tonight, excludes local sales tax or VAT and the actual cut will be higher, varying from city to city. 

The price of petrol was last increased by 60 paise on March 1 and will cost Rs 72.26 a litre in Delhi, down 90 paise from Rs 73.16 at present. In Mumbai, the fuel will cost Rs 80.89 a litre against Rs 82.07 currently. 

Indian Oil Corp, the nation's largest oil firm, said since the last revision in petrol prices, there has been a dip in international oil rates and the rupee has strengthened against the dollar. 
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