In a huge relief to the consumers, the oil companies have reduced the petrol prices by Rs 1 per litre with effect from midnight today. This is the third reduction in petrol prices in less than four weeks. Earlier in April, the prices were reduced by 85 paise per litre.
On March 16, the petrol prices were slashed by Rs 2 per litre. The decision was attributed to sharp fall in global crude prices, which now stand at $116.61 per barrel. The oil companies have however decided against hiking the diesel prices.