There is good news in store for the Petrol heads as well as common man as petrol prices have been reduced by Rs 2.46 per litre, effective from post mid night of 28th June. This comes as a welcome respite for all as the reduction in petrol prices comes at a time when the common man of India is struggling due to high Inflation.
Petrol will now cost Rs 67.78 a litre in Delhi as opposed to Rs 70.24 a litre earlier. The price cut in Mumbai is slightly more at Rs 3.10 per litre and thus petrol will now cost Rs 73.35 a litre.
This incidentally is the second price cut in the month of June after Petrol prices where increased by a whopping 7.54 Rs per litre in May. The price hike saw nationwide protests and The Government was forced to roll back the prices by Rs 2.02 per litre.
State owned oil firms abandoned the practice of revising rates of petrol on 1st and 16th of every month and from now on will do so on a random date to prevent hoarding and shortage of petrol cuased due to a price reduction and price increase respectively.
The current revision of prices was done based upon the average international oil rate in the first fortnight of June. Since then global prices have fallen by almost 8 % and there still is scope for another reduction of 1 Rupee per litre.