Petrol prices cut by Rs.2 a litre

New Delhi : Petrol prices have been cut by Rs.2 per litre effective midnight Friday, state-owned Indian Oil Corp (IOC) announced.

The prices of the fuel effective March 16 will be Rs.68.34 in Delhi, Rs.75.84 in Kolkata, Rs.75.14 in Mumbai and Rs.71.41 in Chennai.

IOC sources had Thursday indicated the likelihood of a petrol rate cut in view of falling international crude oil prices.

Since prices were last revised, international petrol prices have come down from $131 to $120 per barrel (159 litres).

Petrol price was increased by Rs.1.50 a litre Feb 16 and by a further Rs.1.40 per litre on March 2.