Bhubaneswar: With the drop in global crude rates and the rupee value in the past 48 hours, State-run Oil Marketing Companies (OMCs) reduced petrol price by 0.78 paise a litre from Wednesday midnight.

This is the second cut within 15 days which seems to bring more relief for middle class and other vehicle owners.

It was on 16th November last when the State based oil firms for the first time in almost three years had cut petrol prices by Rs 2.22 per litre.

Though the cut is 65 paise per litre, the actual reduction in petrol prices will depend on the levies that each State charges on the fuel.

In a statement, the Indian Oil Corporation said international crude prices had, in the past fortnight, moved down from $116 a barrel to $109 a barrel, while the rupee-dollar exchange rate averaged Rs. 51.50 per dollar this fortnight.

With this cut, petrol will now cost Rs. 65.64 (a 78-paise reduction ) in Delhi, Rs.70.02 (82 paise) in Kolkata, Rs. 70.38 in Chennai, Rs.70.65 (82 paise) in Mumbai, Rs.73.50 in Bengaluru and Rs.65.51 in Bhubaneswar.