Petrol prices have come down by 95 paise a litre since midnight. Petrol in Mumbai would now cost Rs 73.53 a litre. At other places, the prices would vary due to the differential local sales tax or VAT rates
Oil marketing company Indian Oil Corp (IOC) announced the reduction in prices citing fall in international crude oil prices. “Other fuel retailers (BPCL and HPCL) will also reduce petrol rates,” said an oil ministry official.
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Petrol prices were cut by 56 paise on October 9. Thereafter, the rate was hiked by 29 paise following a government decision to raise the commission paid to dealers.
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