Petrol price cut by Rs 3

The price of petrol has been cut by Rs 3 with effect from May 1. This is steepest decline in the price of petrol in almost five years and has been attributed to fall in global oil prices and improving Rupee to Dollar exchange rate.

The price of petrol now stands Rs 63.09 a litre in Delhi. In Mumbai, it will now cost Rs 69.73 per litre, Kolkata Rs 70.35 a litre and in Chennai Rs 65.90 a litre. This is the fourth time that the price has been revised in less than a month.