New Delhi, Oct 31, 2015 (PTI) : Petrol price was today cut by Rs 0.50 per litre but there will be no change in rate of diesel. Petrol will cost Rs 60.70 per litre in Delhi from midnight tonight as against Rs 61.20 currently, Indian Oil Corp, the nation's largest fuel retailer, said.
This is first change in petrol price since September 1 when it was cut by Rs 2 per litre to Rs 61.20 in Delhi.
Subsequent fortnight did not see any rate change in petrol. Diesel rates though not changed today, had been hiked twice since then, by 95 paise on October 16 and by 50 paise on October 1.
"The current level of international product prices and Rupee-US Dollar exchange rate warrant a price decrease, which is being passed on to consumers with this price revision," IOC said in a statement.
Diesel prices on September 1 were reduced by 50 paise a litre. There was no revision in the subsequent fortnight on September 16 even as a 98 paise per litre hike in petrol and Rs 2.28 a litre increase in diesel rates necessitated due to firming global oil rates.
State-owned fuel retailers -- IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) -- revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
"The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the IOC statement added.
Comment on this article
SMR, Karkala
Sun, Nov 01 2015Dear readers,
Is Petroleum Ministry able to publish taxation breakdown on each Liter of Petrol it sells?
when the price of crude oil was $147 in December 2008 and the value of rupee was 42 against one US dollar, the price of petrol was Rs 64 per litre.
Why the Indians are still paying over Rs 60 when the crude is fallen below $50?
Jai Hind
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Albert D' Souza, San Francisco/Mangalore
Sat, Oct 31 2015For more than a year Crude oil price is less then $ 50.00 a barrel and it is a huge savings to petrol consumers and foreign exchange savings to poor national Governments. It should bring down price of all goods including food and household items. These are the good days for the people of Countries like India who are dependents on Foreign oil and Foreign exchange. Please enjoy. Praise the National Leaders.
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Jossey Saldanha, Mumbai
Sat, Oct 31 2015FEKUNOMICS ...
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krish, Dubai
Sun, Nov 01 2015u mean if they increase petrole price thats good economics??
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krish, Dubai
Sun, Nov 01 2015Jossy,
Can u explain????
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