The news, coming an hour before midnight of March 31 and April 1 is no April Fools Day joke. Indian Oil Corporation has announced a decrease in the selling price of petrol by Rs 3.77/litre (excluding State levies) and Rs 2.91/litre for diesel.

This is one of the largest price cuts in recent times and will bring a smile to motorists who have for long been resigned to paying for rising fuel prices.

The latest price revision comes two-and-a-half months after fuel prices were last changed on January 15 this year; petrol prices were then hiked by 42 paise a litre and diesel by Rs 1.03 a litre. The price reduction is due to a reduction in global crude oil price and the Indian rupee to US dollar rate.

From April 1, a litre of petrol will cost Rs 66.29 in Delhi, Rs 68.97 in Kolkata, Rs 72.66 in Mumbai and Rs 69.28 in Chennai. A litre of diesel will now cost Rs 55.61 in Delhi, Rs 57.86 in Kolkata, Rs 61.27 in Mumbai and Rs 58.82 in Chennai.