Price of petrol cut by 18 paisa, diesel by 17 paisa

TIL Desk/Business/New Delhi/ In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.

Petrol price was cut to Rs 90.99 a litre in Delhi from Rs 91.17 per litre, according to a price notification of State-owned fuel retailers. Diesel now comes for Rs 81.30 a litre in the national capital, down from Rs 81.47 previously.

Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).This is the first reduction in fuel prices in over a year. Prices were last reduced on March 16, 2020.

Despite bouts of rate freeze, prices had gone up by a record Rs 21.58 per litre on petrol in the last one year. On diesel prices had increased by Rs 19.18 a litre.