Petrol to cost Rs2 less per litre from midnight tonight

Oil marketing companies today announced a partial roll-back of the steep Rs7.54-a-litre hike in petrol prices effected over a week ago by announcing a Rs1.68 2.02 reduction in its prices from midnight tonight.

The Rs1.68 reduction brings down petrol price in Delhi by Rs2.02 a litre, including a 20 per cent VAT.

The reduction, brought about following sharp criticism over the steepest hike in the price of petrol in recent times, comes in the wake of a sharp fall in the prices of crude oil in the international market.

The price of North Sea Brent crude hit $98 a barrel on Friday amidst growing concerns over global economic growth.

The price of the Indian basket of crude, which hit a low of $101.63 a barrel on Thursday, is also expected to have fallen further after the Friday's dip overseas.

A release issued by the ministry of petroleum and natural gas, however, said under recoveries of state-run oil refining and marketing companies remained high on diesel, PDS kerosene and domestic LPG effective 1 June.