Petrol Price: Total 14 days = Rs. 2/-

Mumbai, June 12: The Petrol and diesel prices today were cut by 15 paise per liter and 10-11 paise per liter. Tuesday marked the 14th straight reduction in the price of petrol while diesel price was lowered for thirteen days since May 29.

Currently, petrol and diesel prices are deregulated in the country, which means the rates are market-determined. Oil marketing companies review the prices every day and any changes are effected at fuel stations with effect from 6 am. The two weeks of cuts in petrol and diesel prices come after sixteen days of consecutive hikes last month.

"Petrol prices cut by another 15 paise in Delhi today. Almost two rupees down from its price 14 days ago. Likewise substantial reduction in diesel price as well. Also, reflect Brent crude, petrol and diesel prices declining from their peak and steadying," Economic Affairs Secretary Subhash Chandra Garg said on microblogging site Twitter.

With effect from 6 AM, Tuesday, June 12, petrol prices were at Rs. 76.43 per liter in Delhi, Rs. 79.1 per liter in Kolkata, Rs. 84.26 per liter in Mumbai and Rs. 79.33 per liter in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs. 67.85 a liter, Rs. 70.4 a liter, Rs. 72.24 a liter and Rs. 71.62 a liter in Delhi, Kolkata, Mumbai, and Chennai respectively.