Petrol price cut by up to 50 paise: Check fuel rates here

New Delhi, May 11: Prices of petrol and diesel were cut for the third straight day today across major cities in India. While the petrol prices have been cut by 48 to 50 paise per litre, diesel prices have been reduced by 19 to 20 in Delhi, Mumbai, Kolkata and Chennai.

Petrol is priced at Rs. 72.15 per litre in New Delhi, Rs. 74.21 per litre in Kolkata, Rs. 77.75 per litre in Mumbai and Rs. 74.90 per litre in Chennai, according to state-run Indian Oil Corporation's (IOC) website, iocl.com.

Petrol prices were cut by 48 paise per litre in Delhi and Mumbai. In Kolkata and Chennai, the prices were slashed by 47 paise and 50 paise per litre, respectively.

Diesel rates stood at Rs. 66.28 per litre in New Delhi, Rs. 68.04 per litre in Kolkata, Rs. 69.45 per litre in Mumbai and Rs. 70.06 per litre in Chennai. Diesel prices were decreased by 19 paise per litre in Delhi and Kolkata. In Mumbai and Chennai, the prices were cut by 20 paise per litre.

While the international crude oil prices are likely to surge in a month's time due to geo-political tensions in Iran, the experts hope the petrol and diesel prices to remain stable till the elections get over on May 19, as the government would not like to upset common people during elections.

India imports 80 percent of its oil needs and it is the third largest importer of oil from Iran which is currently reeling under pressure due to US decision of ending sanction waivers to the major buyers of Iranian oil, including India.