New Delhi: This news can only be described as a good sign for petrol car owners: oil companies have slashed the prices of petrol by Rs 3.05 a litre, marking the steepest drop in petrol rates in the last five years.  The revised prices (excluding local taxes or VAT)which got effect from 1st October.
 
The appreciating value of the rupee against the US dollar has allowed oil companies to slash the prices of petrol. In Mumbai, the prices now stand at Rs 79.49 a litre as against Rs 83.63 while in Delhi; prices are down to Rs 72.40 a litre.

 
It is not all good news though.Contrary to the petrol price cut, diesel prices have been hiked by 50 paise a litre to cover the losses that oil companies are facing.