NEW DELHI, Nov 15 � For the first time in nearly three years, petrol price has been slashed today, by Rs 2.22 a litre, reports PTI.
The reduction more than erases the steep Rs 1.80 a litre hike in rate announced earlier this month. It eases the pressure on the government ahead of the winter session of Parliament beginning next week.
Both the Opposition and the UPA allies had strongly criticised the UPA for allowing state-owned oil companies to increase petrol price at a time when headline inflation was nearing double digits.
Petrol in Delhi will cost Rs 66.42 per litre from midnight tonight against the current rate of Rs 68.64 a litre, the three oil marketing companies said.
�We had gained Rs 1.85 per litre (excluding all taxes) since the last price revision because of a fall in global oil rates and a marginal appreciation in rupee value. We are passing this on to consumers,� Indian Oil Corp (IOC) Chairman R S Butola told PTI here.
