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Petrol rates cut by 85 paise a litre from today

 State-run Indian Oil Corp (IOC) said it will cut the price of petrol by 85 paise a litre effective midnight Monday.

Allowing for local taxes, or VAT, petrol will be effectively cheaper by Rs.1.02 a litre in Delhi. It will cost Rs.67.29 a litre from Tuesday as compared with Rs.68.31 per litre currently.

This will be the second petrol price cut since March 15 when state oil firms reduced fuel price by Rs.2.40 per litre.

An IOC official told IANS Monday that the rate was cut because benchmark international oil prices had dropped.

Other public sector retailers review their fuel prices every two weeks based on various factors, including global oil prices and currency fluctuations.