Petrol Price Cut by Rs 2.16 a Litre, Diesel by Rs 2.10

New Delhi: The price of petrol was cut by Rs 2.16 per litre and diesel by Rs 2.10 a litre on Monday.

The reduction comes on back of a marginal 2 paise a litre increase in petrol and 52 paise per litre hike in diesel rates effected from May 1, PTI reported.

Actual reduction in price will be more after taking into account local VAT.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement.

The movement of prices in the international oil market and INR-USD exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.