In a positive note to start the New Year the Government on Thursday cut the Petrol price 63 paise per litre and diesel by Rs 1.06 a litre, the third reduction in the month of December.

Prices were last cut by 50 paise in case of petrol and 46 paise a litre for diesel on December 16. The reduction would have been more but for a government move to mop up gains arising from oil prices slumping to an 11-year low by way of an excise duty hike. Prior to that, oil firms had last cut petrol price by 58 paise a litre and diesel by 25 paise on December 1.

“The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.

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