New Delhi: Petrol price was on Tuesday cut by 54 paisa a litre, but the first reduction in diesel rates in over five years was put off until the return of Prime Minister Narendra Modi from the US.State-owned oil firms, which skipped raising rates on September 16 even though their cost had gone up, cut prices in view of the downward trend in international markets.Petrol price was reduced by 54 paisa a litrewithout including local sales tax or VAT, with effect from midnight on Tuesday.After accounting for the incidence of local sales tax, petrol rate in Delhi was reduced by 65 paisa to Rs 67.86 per litre, accordingto Indian Oil Corp (IOC), the nation's largestfuel retailer. In Mumbai, petrol price was cut by 68 paisa to Rs 75.73 per litre.
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