- Bollywood beauties with mothers in lawSee what Deepika doing on Ranveer's birthdayPankaj Udhas launched new albumJaved Akthar's family together in movie 'Chalk N Duster'Unknown facts about Ranveer Singh'Muslims trying to forcefully capture and rule India'First look of Kareena's item number in 'Brother'Shahid-Mira's 'shaadi' updatesIndia wins IBFF World ChampionshipSunny Leone enjoys 'After Party Night'
Chris Ciriello sent a low drag-flick into the right corner of the goal in the dying second
Petrol price cut by 95 paise from midnight Last Updated : 15 Nov 2012 07:27:32 PM IST File photo related to petrol pump in Delhi.
Petrol in Delhi would cost Rs 67.24 a litre from midnight tonight, down 95 paise from Rs 68.19 a litre.
Prices vary from city to city due to differential local sales tax or VAT rates.
The last reduction in petrol price before this was the 56-paise cut to Rs 67.90 a litre on October 9. Thereafter, the rate was hiked by 29 paise following government decision to raise the commission paid to petrol pump dealers.
"Presently, the international oil prices are relatively stable," a statement by Indian Oil Corp, the nation's largest fuel retailer, said.
Petrol 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 from tomorrow instead of Rs 71.77 a litre currently. In Kolkata, the price has been cut by Rs 1.19 to Rs 74.55 per litre.
Global gasoline rates (against which the domestic price of petrol is benchmarked) have come down, but the rupee value against the US dollar remains volatile.
"There has been significant volatility in the Indian rupee-USD exchange rate and is currently very weak with uncertainty about its future direction," IOC said. "The trends in the international oil market and Indian rupee-USD exchange rate are being closely monitored and the same shall be reflected in future price changes."
Petrol prices reduced by 95 paise per litre:
The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation.
IOC and other state retailers, Hindustan Petroleum and Bharat Petroleum, lost over Rs 2,000 crore on selling petrol below cost during the first six months of current fiscal. And since the product is deregulated, there will be no subsidy support from the budget to cover these losses.
"It may be noted that oil marketing companies are bearing the burden of a loss of over Rs 2,000 crore on sale of petrol during April-September 2012 due to inability to change retail selling prices to the desired extent in line with market conditions," IOC said.
Besides petrol, fuel retailers sell diesel, domestic LPG and kerosene at heavy losses.
IOC said oil firms were losing Rs 9.84 a litre on diesel, Rs 31.30 a litre on kerosene sold through PDS and Rs 478.50 per 14.2-kg cooking gas cylinder supplied to households.
"Projected under-recovery (revenue loss) on these products is expected to cross Rs 160,000 crore for the current year," it added.
Following are the revised petrol prices in four metros after oil companies announced a cut in rates. New prices are effective from midnight tonight.
Cities Current Price Revised Price Decrease
Delhi 68.19 67.24 0.95
Kolkata 75.74 74.55 1.19
Mumbai 74.73 73.53 1.20
Chennai 71.77 70.57 0.20
(All rates in Rs/litre)
Post Your Comment (0 posted):
Pop star Katy Perry was reportedly spotted hugging her on-and-off boyfriend John Mayer at
- Kimberley Walsh will have eight bridesmaids
- Bollywood beauties with mothers in law
- See what Deepika doing on Ranveer's birthday
- Pankaj Udhas launched new album
- Javed Akthar's family together in movie 'Chalk N Duster'
- Unknown facts about Ranveer Singh
- First look of Kareena's item number in 'Brother'
- Shahid-Mira's 'shaadi' updates
Mice that are exposed to the powerful smell of cat urine early in life do not avoid the sa
Xiaomi the smartphone giant which offers great features at less prices has yet made anothe