New Delhi, April 1: Petrol price was cut by Oil marketing companies by 85 paise per litre, excluding VAT, effective Monday midnight. This is the second consecutive reduction in the price of the fuel within two weeks.
Oil companies had on March 15 cut the price of the fuel by Rs. 2 per litre (excluding taxes.)
Following the revision, petrol will cost Rs. 68.31 per litre in Delhi, Rs. 75.21 in Mumbai, Rs. 75.79 in Kolkata and Rs. 71.42 in Chennai.
Petrol is a deregulated commodity, and oil companies are free to revise the prices every fortnight based on international crude prices and currency rates. However, despite having the freedom to control rates, oil companies lost around Rs. 1,130 crore on the sale of petrol in the last financial year.
