Oil companies cut petrol prices by Rs 2.46 per litre from midnight

NEW DELHI:28 June 2012 (PTI) In a relief to inflation-battered common man, petrol price was today cut by Rs 2.46 per litre, the second reduction this month. Petrol price in Delhi will cost Rs 67.78 per litre with effect from midnight as compared to Rs 70.24 a litre rate now, state-owned oil companies announced today.

The reduction in rates follows a Rs 2.02 a litre cut in prices from June 3. The two price cuts have wiped out more than half of the massive Rs 7.54 per litre increase in rates, the biggest in the history, effected last month. Even after today's reduction, there exists a scope for cutting rates by a further Re 1 per litre as current revision was done at average international oil rate in the first fortnight of June.

Global oil prices have fallen by 8 per cent since then. In Mumbai, petrol price has been cut by Rs 3.10 to Rs 73.35 per litre, while it will cost Rs 72.74 a litre in Kolkata from tomorrow compared to Rs 75.81 per litre currently. Chennai saw a Rs 3.07 per litre cut in price to Rs 72.74 a litre.