Petrol cut by Rs.2.43 a litre, diesel by Rs.3.60

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SME Times News Bureau | 01 Aug, 2015
Oil marketer Indian Oil Corp on Friday cut petrol and diesel by Rs.2.43 and Rs 3.60 a litre respectively, prices inclusive levies at Delhi and effective midnight, following a fall in international crude oil prices consequent to the Iran nuclear deal.

However, the revision is excluding local taxes.

This is the third straight reduction in fuel prices this month. Revised rates will be effective from midnight tonight.

Petrol in Delhi will now cost Rs 64.47 per litre from Saturday instead of Rs 66.90 at present, while a litre of diesel will cost Rs 46.12 as against Rs 49.72 currently, Indian Oil Corp (IOC) said in a statement.

On July 16, the base diesel and petrol prices were reduced by Rs 2 per litre, although some states, including Delhi raised local taxes, which nullified this reduction.

As a result, petrol price in Delhi went up by 28 paise a litre after considering a local government decision to hike VAT or sales tax on the fuel from 20 to 25 per cent.

Rates of diesel, on which VAT was raised from 12.5 per cent to 16.6 per cent, saw a smaller reduction of 50 paise per litre.

Prior to this, the price of petrol was cut on July 1 by 31 paise per litre and diesel by 71 paise a litre.

"The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the statement added.

Additionally, the price of non-subsidized LPG has been reduced by Rs 23.50 per 14.2-kg cylinder to Rs 585, with effective from midnight. (With inputs from IANS)