Now, petrol price cut by 7 paise, diesel by 5 paise per litre

In a small relief to consumers and amid attacks on the government, petrol price was on Thursday cut by 7 paise a litre and diesel by 5 paise - on the back of softening international oil rates.

Now, petrol in Delhi costs Rs 78.35 a litre, down from Rs 78.42, and diesel rates have been cut to Rs 69.25 per litre from Rs 69.30,according to a notification issued by state-owned oil firms.

This is the second cut in rates after a 16-day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls. In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.

On Wednesday, petrol and diesel prices were cut by 1 paisa a litre each after the rates touched an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on Tuesday.

Fuel prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

(With inputs from agencies)