Advertisement

HindustanTimes Sun,26 Oct 2014

Petrol price cut by Rs. 1.09 a litre; diesel gets costlier

PTI  New Delhi, July 31, 2014
First Published: 19:15 IST(31/7/2014) | Last Updated: 20:24 IST(31/7/2014)

Petrol price was on Thursday cut by Rs. 1.09 per litre, the second reduction in three-and-half-months, while diesel rates were hiked by 56 paise a litre.

The revisions will be effective midnight tonight, Indian Oil Corp, the nation's largest oil firm, announced on Thursday.

Petrol in Delhi will cost Rs. 72.51 per litre from tomorrow as against Rs. 73.60 a litre currently. Similarly, diesel will be priced at Rs. 58.40 per litre from tomorrow as compared to Rs. 57.84 currently.

Petrol price was reduced following drop in international oil rates and rupee depreciation against US dollar, making imports cheaper.

For the same reason, price of bulk diesel, which unlike the subsidised fuel available at petrol pumps is priced at market rate, has been cut by 72 paise per litre.

Price of bulk diesel, which as per government policy is meant for large consumers like state road transport corporations, railways and defence, was last revised on July 16 when rates were cut by Rs. 1.09 to Rs. 59.32 per litre.

Besides, rates of non-subsidised LPG cylinders, which household consumers buy after exhausting their quota of 12 subsidised bottles, has been reduced by Rs. 2.50 per 14.2-kg cylinder.

Petrol price was last cut by 70 paise on April 16 in line with declining trend in the international market. This reduction was excluding local levies and after including local sales tax or VAT, the actual reduction in pump rates came to 85 paise in Delhi.

Oil companies as practice announced price revisions without including local levies but today in case of petrol the reduction was announced after including local levies so as to boost up the headline cut. With including local levies, the reduction was about 91 paise a litre. In case of diesel, IOC announced a increase of 50 paise,excluding local levies. After including local levies, the hike came to 56 paise per litre in Delhi.

The reduction in bulk diesel and non-subsidised domestic LPG rates was also after including local levies so as to give an impression of a bigger cut.

Following are the revised prices of petrol and diesel in four metros.

PETROL
                   Current Price       Revised Price    Decrease
Delhi                73.60                 72.51              1.09
Kolkata            81.43                80.30               1.13
Mumbai           81.75                 80.60               1.15
Chennai           76.93                 75.78               1.15

DIESEL
                  Current Price     Revised Price     Increase
Delhi             57.84             58.40                 0.56
Kolkata         62.64             63.22                  0.58
Mumbai        66.01              66.63                  0.62
Chennai         61.70            62.30                   0.60


Advertisement
more from Business

Finance minister Arun Jaitley favours interest rate cut

Finance minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the RBI has signalled it will not ease policy until it is confident of lower inflation.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved