Its time for the vehicle owners to rejoice as the price of petrol was cut by Rs. 2.46 per litre on June 29. This is the second reduction in the month and now the price of petrol in Delhi is Rs. 67.78 per litre compared to Rs. 70.24 per litre.

The state owned companies had announced the reduction in the price of petrol in June 28, 2012. The new price cut is a follow up to the Rs. 2.02 per litre cut from June 3. So the recent price cut has brought down more than half of the massive price hike of Rs. 7.54 per litre which was the biggest price cut in the history.

Moreover, despite two price cuts, there is still scope for further cutting the rates by Rs. 1 per litre as the current revision was done on the basis of international oil rate in the first fortnight of June. The global oil prices have since then fallen by 8 percent.

People of Mumbai were relieved as the petrol price came down by Rs. 3.10 per litre to Rs. 73.35. While in Kolkata the price came down to Rs. 72.74 per litre. Even Chennai prices were cut by Rs. 3.07 per litre.