New Delhi: Price of petrol had been revived on Tuesday and price of petrol had been cut down by Rs. 1 per litre. Sources claimed that the price of Diesel will also cut down after the completion of Assembly elections of Haryana and Maharashtra.
Indian Oil Corp (IOC) had announced that state-owned oil firms, which cut petrol price by 54 paisa on October 1, reduced rates by another Re 1 per litre, excluding local sales tax or VAT, with effect from Wednesday.
The price revision was due Wednesday evening but was announced today ahead of polling in Maharashtra and Haryana.
According to Indian Oil Corp (IOC), petrol rate in Delhi was reduced by Rs 1.21 a litre to Rs 66.65 per litre after accounting for the incidence of local sales tax.
In Mumbai, petrol price was cut from Rs 75.73 to Rs 74.46 per litre.
IOC said, “Since last price change, international petrol prices have continued to show a downward trend. However, the INR-USD exchange rate has depreciated. Despite INR-USD depreciation, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market. Thus a downward revision in selling price of petrol by Re 1.00 /litre (excluding state levies) is being effected from midnight of 14th/15th Oct’14. With this price revision, Retail Selling Price at Delhi shall decrease by Rs 1.21/litre (including VAT), with corresponding decrease in other states.”
While reviving the price of petrol, Rs 2.50 per litre cut down in diesel prices. It is the first price cut down in over four years and is likely after results of assembly polls in Maharashtra and Haryana are announced on Sunday.
Bureau Report
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