Petrol, Diesel Prices Cut For First Time In Over A Year. Here's Why

Fuel Prices Cut: Petrol price was cut to Rs 90.99 a litre in Delhi from Rs 91.17 per litre, according to a price notification of state-owned fuel retailers.

In the first reduction in rates in over a year, petrol price today was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February. Petrol price was cut to Rs 90.99 a litre in Delhi from Rs 91.17 per litre, according to a price notification of state-owned fuel retailers. Diesel now comes for Rs 81.30 a litre in the national capital, down from Rs 81.47 previously. Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).