Petrol price cut by Rs 2.42; diesel by Rs 2.25 per litre

Zee Media Bureau

New Delhi: Petrol price was cut by Rs 2.42 while that of diesel was cut by 2.25 per litre, oil marketing companies said on Tuesday.

This is the tenth straight reduction in petrol prices since August, and sixth in diesel since October.

Petrol and diesel prices were last cut on January16 by Rs 2.42 and Rs 2.25 per litre respectively.

Oil edged higher in Asia today, extending gains from the previous day after US firms cut drilling activity, but analysts doubt the rebound will be sustained as supplies still far outweigh demand.

US benchmark West Texas Intermediate (WTI) for March delivery rose 37 cents to USD 49.94 while Brent crude for March gained 22 cents to USD 54.97 in late morning trade.

With Agency Inputs