Petrol price cut by 74 Paisa per litre, diesel by Rs 1.30 a litre

Petrol price was on Friday cut by 74 paise per litre and diesel by Rs 1.30 per litre, reversing the 2-month trend of rising rates. Petrol in Delhi will cost Rs 61.13 per litre from midnight tonight as against Rs 61.87 currently, said Indian Oil Corp (IOC), the nation's largest fuel retailer. Similarly, a litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present. The reduction comes on back of two straight increases in petrol prices - Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4, and four straight hikes in diesel prices. Diesel price was last hiked on April 4 by Rs 0.98 a litre and three previous increases totaled Rs 3.65 per litre. (ST)