After 16 days of relentless price hikes, petrol price was on Wednesday cut by about 60 paise a litre and diesel by 56 paise on the back of softening international oil rates and strengthening Indian rupee.
The revised petrol prices in metropolitan cities are: Delhi: Rs 77.83 per litre; Mumbai: 85.65; Kolkata: 80.47 and Chennai: 80.80.
Meanwhile, the cost of diesel per litre as on Wednesday is Rs 68.75 per litre in Delhi, Rs 73.20 per litre in Mumbai, Rs 71.30 in Kolkata and Rs 72.58 in Chennai.
The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.
In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that fortnight.
Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.
Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.
Oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.
India’s three state-run fuel retailers – IOC, BPCL and Hindustan Petroleum Corp – control most of India’s fuel retail market and tend to move their fuel prices in tandem.