Petrol cheaper by 56 paise a litre from midnight Via NDTV | Updated On: October 08, 2012 18:23 (IST)
State-owned retailer Indian Oil on Monday announced a 56 paisa cut in the price of petrol prices effective midnight tonight. There is no clarity yet whether the 56 paise hike includes VAT or not.
The reduction comes as the appreciation of rupee against the US dollar has helped state firms make profit on the fuel.
“Presently, the INR-USD exchange rate has shown an appreciating trend. The international oil prices, however, continue to remain firm casting their shadow on prices. There has been significant volatility in international oil prices and the exchange rate. The trends in the international oil market and the exchange rate shall be closely monitored and the same shall be reflected in future price changes,” the retailer said in a release.
Petrol in Delhi costs Rs. 68.46 per litre. Within India, the fuel is costliest in Kolkata at Rs. 76.15, and lowest in Panjim where it is priced at Rs. 57 per litre. VAT makes up for Rs. 10.94 in the Rs. 68.46 per litre price of petrol in the national capital.
Petrol price was last revised on July 24 when it was raised by 70 paise to Rs. 68.48 per litre in Delhi. It was last cut on June 3 when rates were reduced by Rs. 2.02 per litre.