The price of petrol has been reduced by Rs 2 a litre with effect from March 16. This is the highest cut in the last nine months but does not include local taxes and VAT. The reduction in rates has been made possible due to the reduction in international oil prices. The international price of crude oil dropped from 112.73 USD to 107.41 USD.
The price of petrol was last hiked by Rs 1.40 a litre on March 2. This was the second hike in petrol prices in just a fortnight, as the rates were increased by Rs 1.50 per litre on February 16.
