The petrol price was cut by 18 paise per liter and diesel by 17 paise per liter on Wednesday, the first reduction in fuel rates in over a year. The price dropped as international oil prices fall to the lowest since early February.

Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).

This is the first reduction in fuel prices in over a year. Prices were last reduced on March 16, 2020.

Prices had gone up by a record Rs. 21.58 per litre on petrol in the last one year and diesel prices had increased by Rs. 19.18 a litre despite bouts of rate freeze.

The rate reduction followed international oil prices tumbling to the lowest since early February as the second wave of COVID-19 infection clouded the prospects for a speedy recovery in consumption.