Petrol price cut by Rs 3.77 per litre, diesel by Rs 2.91 a litre

New Delhi: Oil marketing companies on Friday decided to cut petrol prices by Rs 3.77 a litre and diesel by Rs 2.91 a litre.

Petrol will now cost Rs 66.29 a litre in Delhi as compared to Rs 71.14 per litre, Indian Oil Corp, the nation’s largest fuel retailer, announced. Similarly, diesel will cost Rs 55.61 per litre as against Rs 59.02 a litre currently.

The new prices will be effective from midnight.

Rates were last revised on January 16 when price of petrol went up by 54 paise. On that date, diesel rates were hiked by Rs 1.20 a litre.

The three state-run oil marketing firms – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp review retail fuel prices periodically and usually revise them every fortnight to pass on the impact of global crude oil prices on their purchases.

The domestic petrol and diesel prices are determined by global crude oil rates and the value of the rupee against the US dollar. India is a big importer of crude oil. Global oil rates have witnessed a fall in the recent time.