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Petrol price cut by 0.56 paise
Monday October 08, 2012 09:02:20 PM,
IANS
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Petrol prices hiked Rs.6.28 plus taxes
Petrol prices have been hiked by Rs.6.28 per litre, exclusive of
taxes, effective midnight, it was announced here Wednesday.
Petrol will cost Rs.73.14 per litre in Delhi against the existing
price of Rs.65.64 per litre.
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New Delhi: State-run
oil marketing companies Monday cut petrol prices by Rs.0.56 a
litre (excluding state levies in Delhi) effective midnight Monday.
In the national capital, petrol will now cost around Rs.67.90 per
litre. The rates will vary from city to city depending on local
taxes.
An Indian Oil Corp (IOC) release said: "It has been decided to
revise the petrol prices downward by Rs.0.56 per litre (excluding
state levies in Delhi) with effect from Oct 9."
It said the cut was decided after taking into consideration the
fact that the rupee had been gaining against the dollar although
international oil prices continued to remain firm.
"The trends in the international oil market and exchange rate
shall be closely monitored and the same shall be reflected in
future price changes," IOC said.
Petrol will cost Rs.67.90 per litre at IOC petrol pumps in Delhi
as against Rs.68.46 a litre presently.
Petrol in Mumbai will be cut by 71 paise to Rs.74.43 and by 70
paise in Kolkata to Rs.75.44 a litre. In Chennai, it will cost
Rs.71.48 per litre as against Rs.72.19 presently.
The government had in June 2010 deregulated petrol pricing,
leaving oil companies free to fix rates in line with costs.
Petrol price were last revised on June 24 when they were hiked by
70 paise.
Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL),
the other two state fuel retailers, are also expected to cut rates
and prices at their pumps would vary by one or two paise.
IOC, BPCL and HPCL lost Rs.2,600 crore on sale of petrol during
April-September "due to inability to change retail selling prices
to the desired extent in line with market conditions," the IOC
release said.
According to IOC, the three oil marketing firms are projected to
lose Rs.160,000 crore in revenue on sale of the three regulated
products - diesel, cooking gas (LPG) and kerosene - during the
current fiscal.
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