Petrol price cut by 95 paise

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SME Times News Bureau | 16 Nov, 2012
Petrol price cut by 95 paise per litre from Thursday midnight, on account of fall in international oil prices, it was announced in New Delhi.

Petrol in Delhi would now cost Rs.67.24 a litre.

At other places, the prices would vary due to the differential local sales tax or VAT rates.

Oil marketing company Indian Oil Corp (IOC) announced the reduction in prices citing fall in international crude oil prices.

"Other fuel retailers (BPCL and HPCL) will also reduce petrol rates," said an oil ministry official.

Petrol prices were cut by 56 paise Oct 9. Thereafter, the rate was hiked by 29 paise following a government decision to raise the commission paid to dealers.