Petrol price cut by Rs 3 to Rs 63.09/ litre

Petrol prices were slashed by Rs 3 per litre on Tuesday to Rs 63.09 a litre. This is the steepest reduction since December 2008, when rates were slashed by Rs 5 to Rs 45.62 per litre. Indian Oil Corporation, the nation’s largest fuel retailer, said that since the last price change (April 16), world oil prices have declined from $116.61 to $107 a barrel. The rupee-dollar exchange rate too has improved from Rs 54.51 to Rs 54.26.