Petrol prices cut by 49 paise/litre, diesel by Rs 1.21

NEW DELHI: After two consecutive hikes, petrol prices were on Wednesday cut by 49 paise per litre and diesel by Rs 1.21 a litre on softening international oil rates. The reduction in rates will be effective from midnight tonight. Prices of petrol in Delhi will be Rs 60 a litre from tomorrow as against the current Rs 60.49, while diesel will cost Rs 48.50 per litre as compared with Rs 49.71 currently, Indian Oil Corp (IOC), the nation's largest oil company, said. The reduction follows two rounds of price hikes in February and March — first by Rs 0.82 a litre in petrol and Rs 0.61 per litre in diesel on February 16 and by Rs 3.18 per litre in petrol and Rs 3.09 a litre in diesel on March 1. PTI