Monday, 8 October 2012

Petrol prices reduced 56 paise effective midnight

Petrol price was today cut by 56 paise per litre on the back of appreciation in rupee value against the US dollar. Petrol will cost Rs 67.90 per litre at Indian Oil Corp's (IOC) petrol pumps in Delhi with effect from midnight tonight as against Rs 68.46 a litre presently, the company announced today.

"It has been decided to revise the petrol prices downward by 56 paise per litre (excluding state levies in Delhi) with effect from October 9," IOC said in statement here. Petrol in Mumbai will be cut by 71 paise to Rs. 74.43 and by 70 paise in Kolkata to Rs. 75.44 a litre. In Chennai, it will cost Rs. 71.48 per litre as against Rs. 72.19 presently.

Petrol prices were last revised on June 24 when they were hiked by 70 paise. The rupee-dollar exchange rate has shown an appreciating trend. The international oil prices, however, continue to remain firm casting their shadow on petrol prices as there had been significant volatility in international oil prices and exchange rate."The trends in the international oil market and exchange rate would be closely monitored and would be reflected in future price changes," the release added.


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