Oil firms cut petrol prices by 1.85 rupees/litre - source

State oil refiners will cut petrol prices by 3.2 percent from Wednesday, a company source said, the first cut in nearly three years as the government comes under political pressure from its allies ahead of several state elections.

Government control over petrol pricing was lifted 18 months ago. But, in reality, state-run oil retailers seek an unofficial nod from the government before changing prices.
"Basic price has been cut by 1.85 rupees a litre (over 3 cents) and add a 20 percent value added tax in Delhi. It should be about 2.22 rupees a litre," the source told Reuters.
A litre of petrol in Delhi will now cost 66.42 rupees.
Earlier this month, state oil retailers -- Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp - raised petrol prices by 1.80 rupees a litre including taxes in Delhi.