There`s finally some cheer for consumers ahead of the festive season. State-run fuel retailers on Monday slashed petrol price by over Rs 3 a litre and raised diesel rate by 50 paise a litre, both excluding state taxes. The retailers also increased the price of non-subsidized cooking gas cylinders sold to households beyond the annual quota of nine subsidized refills by Rs 71.50 per each. For petrol, this is the steepest cut in more than five years and the first reduction since May 1 when the price was slashed by Rs 3 a litre. The actual reduction at petrol pumps would be more due to the incremental decrease in state taxes.