Petrol price cut 50p/ltr, diesel by 46p

Petrol price was on Tuesday cut by 50 paisa and diesel by 46 paisa a litre, much lower than an anticipated decrease as oil companies left cushion for the government to mop up gains accruing from global oil prices dipping to multi-year lows. Petrol will cost Rs 59.98 from midnight tonight in Delhi as against Rs 60.48 per litre currently. Similarly, a litre of diesel will cost Rs 46.09 as compared to Rs 46.55 now, said Indian Oil Corp (IOC), the nation’s biggest fuel retailer said. The rate of basket of crude oil that India buys hit a 11-year low of $34.39 per barrel on Monday, but the average for the fortnight which is taken into account for calculating new prices, was $4-5 more.