The steepest reduction in nine months will be effective from Friday midnight.
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 on Thursday indicated the likelihood of a petrol rate cut in view of falling international crude oil prices. Petrol price was hiked by Rs 1.40 per litre on March 2.
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