Petrol cheaper by 63 paise

New Delhi: Petrol price on Thursday was cut by 63 paise per litre and diesel by Rs 1.06 a litre, the third reduction this month on back of softening in global oil rates. Prices were last cut by 50 paise in case of petrol and 46 paise a litre in diesel on December 16.

The reduction would have been more but for government move to mop up gains arising from oil prices slumping to 11-year low by way of an excise duty hike. Prior to that oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on December 1.