New Delhi, Jun 2: Petrol price will be cut by Rs 2 per litre with effect from Saturday midnight. State-owned oil firms will reduce petrol price by Rs 1.68 per litre, excluding taxes. After including 20 per cent VAT, the reduction in Delhi comes to Rs 2 per litre, industry sources said. Petrol after last week's steepest ever hike of Rs 7.54 a litre costs Rs 73.18 per litre in Delhi. After the reduction, it will cost Rs 71.18 a litre.
The prices were hiked last week considering the gasoline price of USD 124.37 per barrel and rupee-dollar exchange rate of Rs 53.17 in early May. Gasoline price has fallen to USD 115.77 per barrel in the second fortnight of May but rupee-dollar exchange rate has worsened.