Petrol price cut by Rs 2.16 a litre, diesel by Rs 2.10

Petrol price was on Monday cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre, reversing the four week trend of rising rates.

The reduction, which will be effective from midnight tonight, comes on back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1.

Prior to that, petrol price was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from April 16. Indian Oil Corp (IOC), the nation's largest fuel retailer, said the price of petrol is being reduced by Rs 2.16 per litre and that of diesel by Rs 2.10 - both excluding state levies.

Actual reduction in price will be more after taking into account local VAT.