Petrol, diesel rates cut by over Rs.2 per litre

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SME Times News Bureau | 01 Nov, 2014
Petrol and diesel prices were cut Friday by over Rs.2 per litre each, effective minight, IndianOil Corp announced.

While petrol will be cheaper by Rs.2.41 a litre in Delhi, diesel will cost Rs.2.25 less per litre. In Mumbai, the rate will be cut by Rs 2.55 a litre to Rs 71.91.

Prices of both fuels were also reduced earlier this month on the back of declining international oil prices.

Since August, petrol price has been cumulatively cut by Rs 9.36 per litre. Prices vary from state to state because of differential rate of local sales tax or VAT.

In Mumbai, diesel price has been reduced by Rs 2.50 to Rs 61.04.

The government had on October 18 freed diesel prices from its control, giving freedom to oil marketing companies to adjust rates in line with cost. On that day, rates were cut by Rs 3.37 per litre, the first reduction in price of diesel in over five years. The previous decline dates back to January 2009.

Simultaneously, the price of non-subsidised cooking gas (LPG) was cut by Rs 18.5 to Rs 865 per 14.2-kg cylinder.

Since August, this is the fourth reduction in rate of non-subsidised LPG which consumers buy after exhausting their quota of sub-market priced domestic cooking gas.

Non-subsidised LPG in Delhi was priced at Rs 922.50 in July and rates have in every subsequent month been reduced.

The only exception being October 23 when prices went up by a marginal Rs 3 per cylinder following government raising the commission paid to LPG dealers/distributors.