Bangalore: As the crude petroleum oil prices plunged, the new petrol rates came down on Wednesday, Nov 30, by 78 paise a litre, as a gift of festival season (Shasti) to millions of vehicle owners and users in Karnataka and elsewhere in India.

These prices are now determined by oil companies like IOC themselves, not by Government which can only cut its surcharges heaped on such products.

This is said to be the second price cut, after an unpopular rate hike of over Rs 2 per litre, which invited the other day, national protests from consumers.

The rate of Rs. 66.42 a litre has fallen to Rs.65.64 a litre now, from Thursday onwards.

But in other states, this price could vary, due to local taxes imposed, or reduced subsequently by their governments.

In Delhi, for instance, petrol is readily available at Rs. 65.64 today per litre.

However, the hike is still there of a meager 22 paise, as the price cut was expected to be a full rupee, but actually it is 78 paise only per litre.

From Nov 16, the rate collapsed by Rs.2.22 a litre. The government had habitually raised the rate before 2011, but now the oil companies go by international crude oil prices, and make necessary adjustments to pacify customers.