In what has come as a relief for consumers, country's largest fuel retailing company - Indian Oil Corporation (IOC) on Thursday announced a 95-paise-per-litre cut in the petrol price.
HT was the first to report on November 8 about the a possible cut in petrol prices by state-owned oil marketing companies close to Diwali due to the persistent fall in global oil prices.
Petrol prices vary from city to city due to differential tax structure. While the reduction is 95 paise a litre in Delhi, it is more than a rupee (between Rs. 1.15 and Rs. 1.20 a litre) in the NCR (Noida, Gurgaon, Ghaziabad and Faridabad) as also in other metros including Mumbai, Kolkata and Chennai.
"Presently, the international oil prices are relatively stable," said a statement by Indian Oil, the nation's largest fuel retailer.
From Friday, petrol in Delhi would cost Rs. 67.24 a litre as against the earlier price of Rs. 68.19 a litre. This is the second reduction in the price since October.
Petrol prices were last revised by 56 paise a litre on October 9.
The price in Mumbai has been reduced by Rs. 1.20 per litre to Rs. 73.53, while it will cost Rs. 70.57 a litre in Chennai instead of Rs. 71.77.
In Kolkata, the price has been slashed by Rs. 1.19 to Rs. 74.55 a litre.
While global petrol rates (against which the domestic price of petrol is benchmarked) have come down, the rupee value against the US dollar remains volatile.
KYC form: deadline extended by 15 days
In another development, the government exteneded the deadline for filling the Know Your Customer (KYC) form for LPG consumers by another 15 days.
"Considering the mammoth exercise, the deadline on the request of oil companies has now been extended till November 30," an senior oil industry executive said.
Multiple LPG connections in the 'same name and at the same address' as well as 'husband and wife' owning connections at the same address would be summarily disconnected.