New Delhi: Petrol and diesel prices were on Monday slashed by Rs 2 per litre each as international oil prices slumped to a five-year low. This is the eighth straight reduction in petrol prices since August, and the fourth straight in diesel since October. New rates will be effective midnight Monday, Indian Oil Corp, the country’s largest fuel retailer, announced here. After Monday’s reduction, petrol price has been cut by a cumulative Rs 12.27 per litre since August.

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