Petrol prices have been cut by 95 paise with effect from November 15. Petrol will now cost Rs 67.24 in Delhi, Rs 73.53 in Mumbai, Rs 70.57 in Chennai and Rs 71.77 in Kolkata. The last reduction took place on October 9 where the price of petrol was reduced by 56 paise. However, the government subsequently hiked the price by 29 paise to increase the commission of the dealers.
The price cut is mainly due to fall in crude oil rates in the global market and also due to strengthening rupee against the US dollar.
This latest reduction will help those who have invested in new petrol powered cars during the festival season. The prices are currently reviewed every fortnight, so the next review by state-owned oil companies will be at the start of December.
