Petrol price cut by 56 paise a litre

Petrol price in the country was cut on Monday by 56 paise per litre on the back of appreciation in rupee value against the US dollar. It will now cost Rs 67.90 per litre at Indian Oil Corp's petrol pumps in Delhi with effect from midnight on Tuesday as against Rs 68.46 a litre presently. Bharat Petroleum and Hindustan Petroleum, the other two state fuel retailers, are expected to follow suit in cutting rates but price at their pumps would vary by one or two paise.