Petrol price slashed by 58 paise per litre, diesel by 25 paise

NEW DELHI: The price of petrol was today cut by 58 paise per litre and that of diesel by 25 paise, reversing the trend of increasing rates, on global cues. Petrol will cost Rs 60.48 per litre from Monday mid-night in Delhi as against Rs 60.70 a litre currently. A litre of diesel will cost Rs 46.55 from Tuesday compared with the Rs 46.80 now, said Indian Oil Corporation (IOC), the nation's biggest fuel retailer. The price cut more than reverses the hike of 36 paise a litre in petrol rates effected on November 16, the first increase in five months. Similarly, in the case of diesel, it reverses the three rounds of hikes since October -- the last being 87 paise a litre on November 16.