New Delhi, April 15 (PTI): The price of petrol was today cut by 70 paise a litre, excluding local levies, the second reduction in rates this month as appreciation of the rupee against the US dollar made oil imports cheaper. The reduction, effective midnight tonight, excludes local sales tax or VAT and the actual cut will be higher, varying from city to city. Announcing the rate cut, Indian Oil Corp, the nation’s largest fuel retailer, said, “The continued appreciation of the rupee has resulted in reduction in petrol prices.” There will be no change in diesel prices as oil firms revise rates of the nation’s most consumed fuel on a monthly basis.
