Oil marketing companies took the decision to slash the prices came after crude oil became cheaper in the international market. Earlier reports had suggested that petrol prices may be slashed by upto Rs 2 from May 1.
Following are the revised petrol prices in four metros: Delhi Rs 63.09, Kolkata Rs 70.35, Mumbai Rs 69.73, Chennai Rs 65.90 (All rates in Rs/litre).
The latest price cut is the fourth in less than two months. Petrol prices were slashed by Re 1 a litre on April 15 while on April 2, the price was decreased by 85 paise per litre. On March 16, the price was reduced by Rs 2 a litre. The March 16 decrease, after including the local sales tax or VAT, translated into a Rs 2.40 a litre reduction, which was the steepest cut in nine months.
The latest price cut excluded the VAT.