Petrol and diesel prices slashed

Petrol price has been slashed by 32 paise per litre and diesel by 85 paise. The new rate came into effect midnight Friday night. Petrol will, now, cost 59 rupees 3 paise a litre in Delhi, 64 rupees 87 paise in Kolkata, 66 rupees 9 paise in Mumbai and 59 rupees 45 paise in Chennai. For diesel, the consumer will have to pay 44 rupees 18 paise in Delhi, 48 rupees 7 paise in Kolkata, 51 rupees 25 paise in Mumbai and 45 rupees 36 paise in Chennai. In a statement, Indian Oil Corporation said the decision has been taken in view of decrease in the prices of petrol and diesel in international market and changes in rupee-dollar exchange rate. This was the fourth reduction in rates in six weeks on the back of softening global oil prices.