Petrol prices to be slashed by Rs 3.10 from midnight

Mumbaikars will have to now shell out Rs 73.33 per litre - a Rs 3.10 per litre cut. Indian Oil, Bharat Petroleum and Hindustan Petroleum, as a practice, were to revise the petrol price from June 15 but put off the decision by a couple of days. Yesterday, they decided to implement the cut from midnight.

Oil firms had last cut petrol rates by Rs 2.02 a litre with effect from June 3 in a partial rollback of the steep Rs 7.54 per litre hike effected last month. Sources said that the last revision was done keeping in mind an average of $115.77 per barrel rate of petrol, against which domestic petrol prices are benchmarked. Gasoline rates have since fallen to $106.93 per barrel. But the rupee has devalued to Rs 55.69 to a US dollar from Rs 54.96. u00a0