NEW DELHI: After making it to a record high, petrol price have been cut by 7 paise a litre and diesel by 5 paise today – the second reduction on the back of softening international oil rates.In Delhi, petrol will now cost Rs 78.35 a litre, down from Rs 78.42, and diesel will cost Rs 69.25 per litre than previous price of Rs 69.30.Petrol and diesel prices were yesterday cut by 1 paisa a litre each.This is the second reduction in fuel prices coming after a 16 day relentless price hike.64394549

Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38. (With PTI inputs)