Petrol price was cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre, reversing the four week trend of rising rates. The reduction, which will be effective from 16th May midnight, comes on back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1. Prior to that, petrol price was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from April 16. Indian Oil Corp (IOC), the nation’s largest fuel retailer, said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 – both excluding state levies. Hindustan Petroleum and Bharat Petroleum will also be following the same.
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