New Delhi: Oil companies on Tuesday reduced the price of petrol by Rs. 3 per litre, without taxes, the highest cut in over five years on falling international prices.
This is the fourth cut in petrol prices since March. Oil firms review the price of petrol every two weeks. While petrol price has been deregulated since June 2010 and the price is market determined, the government still controls the price of diesel, and allows only minor revisions.