New Delhi : After the recent steep hike in petrol prices, there has come a major relief,  when petrol became cheaper by Rs 2.46 in  the national capital with effect from Thursday midnight. The cut is based on global crude prices and the exchange rate of the rupee vs the dollar. The price cut varies from Rs 2.46 per litre to Rs 3.22 per litre, depending upon local taxes.

The reduction in rates follows a Rs 2.02 a litre cut in prices on June 3. The two price cuts have wiped out more than half of the massive Rs 7.54 per litre increase in rates, the biggest in the history.

Reports say, there still exists a scope for cutting rates by a further Re 1 per litre as current revision was done at average international oil rate in the first fortnight of June. Global oil prices have fallen by eight per cent since then.