Petrol Price cut Ranges from Rs. 1.20 to 95 Paise

A few days previously we had brought to you information on a possible drop in petrol prices to add some festive cheer to the season. We had estimated a Rs. 1 drop in the price of petrol per litre and now it has come to light that the prices have been indeed reduced down. However the surprising bit is that this cut down on the price in not uniform throughout India and therefore the price cuts differ from city to city.

In Delhi the petrol price is now Rs. 67.24 per litre, a reduction of 95 paise; whereas Mumbai has witnessed the price falling down to Rs. 73.53 per litre which is a reduction of Rs. 1.20. Prices in Chennai have gone down to Rs. 70.57 per litre from Rs. 71.77. The petrol prices differ from city to city due to the differential values in local sales tax or VAT rates.

“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.”