New Delhi, April 30
In a major relief to the consumers, petrol prices were slashed by Rs 3 per litre today. The steepest cut in the petrol prices over the past five years came following continuing fall in crude prices in the global market. The Rs 3 a litre cut, which includes local taxes or VAT, is the fourth reduction in petrol rates since March.

Petrol in Delhi will now cost Rs 63.09 a litre with effect from midnight today as against Rs 66.09 per litre at present. Rates will vary from city to city depending on local sales tax or VAT.

In Mumbai, the petrol price has been cut by Rs 3.15 to Rs 69.73 per litre, while the fuel in Kolkata will cost Rs 70.35 from tomorrow as against Rs 73.48 per litre now. The reduction in rates in Chennai would be Rs 3.18 per litre, bringing it down to Rs 65.90 per litre.

Today’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 cut petrol price by Rs 1.20 a litre in Delhi from April 16. 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 today is the steepest since December 2008 when rates were slashed by Rs 5 to Rs 45.62 per litre. Since the last price change, international prices have declined from $116.61 per barrel to $107 a barrel, Indian Oil Corporation said in a statement. The Rupee-dollar exchange rate has also improved from Rs 54.51 to Rs 54.26. “Thus, it has been decided to pass on the benefit to the consumer and accordingly the aforesaid reduction in the retail selling price of petrol is being effected,” an IOC statement said.