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Petrol price cut by 70 paise a litre
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SME Times News Bureau | 16 Apr, 2014
State-run Indian Oil Corp (IOC) Tuesday announced a cut in petrol prices by 70 paise a litre, effective from midnight.
The reduction is exclusive of local taxes, and the fuel's retail price in Delhi will come down by 85 paise a litre, IOC said.
"The
continued appreciation of the rupee (to the US dollar) has resulted in
reduction in petrol prices warranting the proposed decrease," a
statement here said.
Petrol price was last reduced on the first
of this month by 75 paise a litre, excluding state levies, and the fuel
currently sells in Delhi at Rs.72.26 per litre.
Oil marketing
companies (OMCs) are currently suffering under-recovery, or losses, of
Rs.5.49 per litre on diesel, Rs.34.43 a litre on kerosene and Rs.505.50
per LPG cylinder, on account of selling these fuels below cost, IOC
said.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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