Petrol price cut by Rs 85 paise/litre, Check out new prices

Oil marketing companies have yesterday cut the petrol price by 85 paise per litre (excluding VAT) with effect from yesternight. This is the second reduction in the prices of the petrol in two weeks. As per the oil companies, the price cut was made possible due to fall in international oil prices. After including state VAT, the petrol price in Delhi were cut by Rs.. 1.02/litre, taking the new petrol prices to Rs. 67.29 er litre as against Rs.. 68.34 earlier.

Earlier, Rs. 2 a litre (excluding VAT)price cut was made on petrol on March 16, which was the steepest cut in rates in nine months. If we talk about the price cut in other three major cities Mumbai, Kolkata and Chennai, it were Rs. 1.07/litre, Rs. 1.07/litre and Rs. 1.08/litre respectively. In addition to losses on sale of petrol, OMCs are suffering under-recovery on sale of HSD (Retail) of Rs. 6.52/litre, SKO (PDS) of Rs..30.49/litre LPG (Dom) of Rs. 434.50/cyl. The movement in international oil prices and INR-USD exchange rate is being monitored and decision on future price changes shall be taken accordingly.

A statement released by the Indian Oil Corporation Ltd (IOCL) on the price reduction reads as, "Since last price change the International prices of petrol have gone down from USD 122.74/ bbl to USD 119.23/ bbl. INR-USD exchange rate has also declined marginally from Rs. 54.40 to Rs. 54.28 during the same period. Following this, it has been decided to pass on the benefit to customeRs. and accordingly the aforesaid reduction in the retail selling price of Petrol is being effected. It may be noted that the Corporation has incurred losses of nearly Rs. 500 Crore (OMCs Rs. 1150 Crore) on sale of petrol in the financial year 2012-13."

The details of revised prices of petrol for metros are given below:

Petrol price in New Delhi- Rs. 67.29/litre

Petrol price in Mumbai- Rs. 74.14/litre

Petrol price in Kolkata- Rs. 74.72/litre

Petrol price in Chennai- Rs. 71.42/litre