From Wednesday Petrol prices were cut by Rs 78 paise per litre.As this is the second reduction in this month,This will be effective from Wednesday midnight.

On November 16, state-owned oil companies, had cut petrol price by Rs 2.22 per litre. 

Prices of international gasoline, or petrol, have averaged USD 107 per barrel during the second half of November as against USD 115.85 a barrel average during the first fortnight that formed the basis for the Rs 2.22 per litre cut in prices effected from November 16. 

But some of the decline in international rates has been taken away by the appreciating rupee which has averaged above Rs 52 to a US dollar as against USD 49.30 to a dollar in first fortnight of November. 

Oil companies revise prices of petrol, which was freed from the government control in June last year, on the basis of fortnightly average international oil prices. 

This is the the second reduction in petrol price since January 2009 when rates were cut by Rs 5 per litre. Before that the then oil minister Murli Deora had made oil firms slash petrol price by an equal proportion in December 2008.