BackPetrol prices cut by Rs1.09 per litre, diesel hiked by 56 paise
The revisions will be effective from Friday
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New Delhi: Petrol price was on Thursday cut by ₹ 1.09 per litre, the second reduction in three-and-half-months, while diesel rates were hiked by 56 paise a litre. The revisions will be effective from Friday, Indian Oil Corp. Ltd, the nation’s largest oil firm, announced on Thursday.
Petrol in Delhi will cost ₹ 72.51 per litre from Friday as against ₹ 73.60 a litre currently. Similarly, diesel will be priced at ₹ 58.40 per litre from Friday as compared with ₹ 57.84 currently. Petrol price was reduced following drop in international oil rates and rupee depreciation against US dollar, making imports cheaper.
For the same reason, price of bulk diesel, which unlike the subsidised fuel available at petrol pumps is priced at market rate, has been cut by 72 paise per litre. Price of bulk diesel, which as per government policy is meant for large consumers like state road transport corporations, railways and defence, was last revised on 16 July when rates were cut by ₹ 1.09 to ₹ 59.32 per litre.
Besides, rates of non-subsidised liquified petroleum gas (LPG) cylinders, which household consumers buy after exhausting their quota of 12 subsidised bottles, has been reduced by ₹ 2.50 per 14.2-kg cylinder. Petrol price was last cut by 70 paise on 16 April in line with declining trend in the international market. This reduction was excluding local levies and after including local sales tax or VAT, the actual reduction in pump rates came to 85 paise in Delhi.
Oil companies as practice announced price revisions without including local levies but on Thursday in case of petrol the reduction was announced after including local levies so as to boost up the headline cut.
With including local levies, the reduction was about 91 paise a litre. In case of diesel, IOC announced a increase of 50 paise, excluding local levies. After including local levies, the hike came to 56 paise per litre in Delhi. The reduction in bulk diesel and non-subsidised domestic LPG rates was also after including local levies so as to give an impression of a bigger cut.
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