Twitter

Facebook

Youtube

Pintrest

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
Petrol price cut by Rs 0.56 a litre
Last Updated : 08 Oct 2012 07:15:48 PM IST
Petrol and diesel
File photo related to Petrol and diesel price.
 

Petrol price was on Monday cut by 56 paise per litre on the back of appreciation in rupee value against the US dollar.


Petrol will cost Rs 67.90 per litre at Indian Oil Corp's petrol pumps in Delhi with effect from midnight tonight as against Rs 68.46 a litre presently, the company announced today.
 

Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL), the other two state fuel retailers, are expected to follow suit in cutting rates but price at their pumps would vary by one or two paise.

"It has been decided to revise the petrol prices downward by Rs 0.56 per litre (excluding state levies in Delhi) with effect from October 9," IOC said in a press statement here.

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, giving oil companies freedom to fix rates in line with cost.

Petrol price were last revised on June 24 when they were hiked by 70 paise.
 

"Presently, the rupee-dollar exchange rate has shown an appreciating trend. The international oil prices, however, continue to remain firm casting their shadow on petrol prices," IOC said, adding there had been significant volatility in international oil prices and exchange rate.

IOC said the trends in the international oil market and exchange rate would be closely monitored and would be reflected in future price changes.

Despite the pricing freedom, petrol prices have not moved in tandem with cost. 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," it said.

Since it being a deregulated commodity, losses on petrol are to be absorbed by the oil companies.
 

Other than petrol, the fuel retailers also lose heavily on sale of regulated products diesel, cooking gas (LPG) and kerosene.

They currently lose Rs 11.65 per liter on diesel, Rs 33.93 on kerosene sold through PDS and Rs 468.50 per 14.2-kg domestic cooking gas cylinder.

At this rate, the three firms are projected to lose Rs 160,000 crore in revenue on sale of the three products during the current fiscal, IOC added.
 


Post Your Comment (0 posted):
Post your comment Post Your Comments
Your name :
Your e-mail address :
Your website :
Add your comments :
Please enter the code you see in the image:
Code

super luxury car maker Rolls-Royce is gearing up to tap the country's Billionaires with ne

Coming-of-age drama 'Boyhood' won three of the biggest awards at the BAFTA 2015 but it was

Sunny Leone is seen scorching the screen in the first look of Leela with her bold acts.

Samsung unveiled the Galaxy S6 and Galaxy S6 Edge at Mobile World Congress in Barcelona, S

Reality TV star Kim Kardashian reportedly wants Beyonce to buy a house in her gated commun

Automaker Renault India today said it will roll-out a multi-purpose vehicle 'Lodgy' and a

Pharma tycoon Dilip Shanghvi surpassed Mukesh Ambani as the world's richest Indian with a

When Holi is round the corner, can anyone forget all-time hit Bollywood songs?

In an interim order, the Bombay High Court has restrained the city police from arresting o

Good news for the fans’ of Salman Khan and Deepika Padukone.

Reality TV star Kim Kardashian has posed nude for the upcoming 10th season of 'Keeping Up

Bollywood superstar Akshay Kumar and Actress cum Entrepreneur Shilpa Shetty Kundra have pa

Kashmir witnessed season's heaviest snowfall as the arterial Jammu-Srinagar National Highw

Mexican actress Stephanie Sigman has joined Monica Bellucci and Lea Seydoux as the new bon

Luxury carmaker Mercedes-Benz launched the all-new compact B-Class in both petrol and dies

Bollywood actor Poonam Pandey, gets relief as a local court in Bengaluru quashed a case pe

Automaker Renault India launched the new generation Duster priced at Rs 8.30 lakh (Delhi e

Now Bollywood A-list actors are competing to get nude on-screen.

The 2015 edition of the International Indian Film Academy Awards is set to enthrall Bollyw

India defeated Zimbabwe by six wickets chasing 288 runs target in World Cup Match.

Veteran actor Rishi Kapoor, who turned a year-old on Friday, September 4, ushered in his b

Scientists have discovered that Roman-era Egyptian mummy portraits used the pigment Egypti

Lenovo starts smartphone manufacturing in India.


Samay Live

Samay Live

 

Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live

10.10.70.52