Petrol Price Cut by 65 Paise a Litre; Diesel Untouched
The price of petrol was cut by 65 paise per litre on Tuesday, while that of diesel was kept unchanged. The revised rates will be effective from midnight.
"RSP of petrol in Delhi shall decrease by Rs 0.65/litre (including VAT), with corresponding decrease in other states," Indian Oil Corp, the country's largest fuel retailer, said in a statement.
Diesel price revision was kept on hold till Prime Minister's return from the US, Press Trust of India reported. Mr Modi is on his first US visit since coming to power in May this year. This would be the first reduction in diesel prices in over five years.
(Read: Diesel price likely to be cut after 5 years)
The price of non-subsidised cooking gas (LPG) was also reduced by Rs 21 per cylinder on the same day. This is the third straight reduction in rates of non-subsidised LPG since July. The price of aviation turbine fuel (ATF) or jet fuel was reduced by a steep 3 per cent. (Read more)
Petrol prices were last revised on August 30 when the fuel was made cheaper by Rs. 1.82 a litre while diesel was made costlier by 50 paise per litre. (Read more)
Petrol price reduction was on the back of a decline in global oil prices and the current value of the rupee against dollar, Indian Oil said.
"The current levels of international oil prices and rupee-dollar exchange rate warrant a decrease in selling price of petrol in the domestic market," the statement noted.
Petrol price is market-determined while government controls over-pricing of liquefied petroleum gas, kerosene and diesel led to revenue losses at state fuel marketing companies - IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp.
Since January 2013, diesel prices have been hiked nearly every month by 50 paise a litre. Over the last 20 months, the price of the fuel has been hiked 19 times, resulting in a total increase of Rs. 11.81 per litre
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