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Petrol price cut by Rs 1.15 per litre

Last updated on: October 31, 2013 19:18 IST

Petrol price cut by Rs 1.15 per litre

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Petrol price was on Thursday cut by Rs 1.15 a litre, the second reduction in rates in a month, while diesel prices were raised by 50 paise per litre.

The price changes announced by oil companies are excluding local sales tax or VAT and will be effective midnight on Thursday, oil companies announced.

Petrol price in Delhi will be cut by Rs 1.38 to Rs 71.02 per litre, while it will cost Rs 78.04 a litre in Mumbai as against Rs 79.49 currently.

The reduction comes on back of a Rs 3.05 per litre (Rs 3.66 after including VAT) cut in rates effected from October 1.

Prior to that, petrol prices had since June risen seven times, totalling Rs 10.80 per litre, excluding VAT (Rs 13.06 after including state tax) as the rupee depreciated sharply against the rupee.

In a parallel move, diesel price was hiked by 50 paise, excluding VAT, in line with the January decision of the government allowing oil companies freedom to raise prices in small doses every month to wipe out mounting losses.   

Petrol price chart

Cities

Old price

Revised price

Decrease

Delhi

72.40

71.02

1.38

Kolkata

79.51

78.07

1.44

Mumbai

79.49

78.04

1.45

Chennai

75.68

74.22

1.46

(All Rates in Rs/litre)

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Image: A worker holds a fuel nozzle at a petrol pump in Hyderabad.
Photographs: Krishnendu Halder/Files/Reuters
Tags: 1

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The diesel price in Delhi has been hiked by 56 paise to Rs 53.10 per litre while it would cost Rs 60.08 in Mumbai from Friday as compared to Rs 59.46 currently.

Thursday's hike is the 10th since the January 17 and most of the losses on diesel sales should have been wiped out by now to make the fuel market priced.

But the fall in rupee, around 25 per cent since April, has worsened the situation and losses mounted to Rs 14.50 per litre.

However, the recent firming of rupee against US dollar and monthly increases have trimmed these losses to Rs 9.58. Diesel rates have risen by a cumulative Rs 5.95 this year.

Diesel price chart

Cities

Old price

Revised price

Increase

Delhi

52.54

53.10

0.56

Kolkata

56.90

57.49

0.59

Mumbai

59.46

60.08

0.62

Chennai

56.01

56.61

0.60

 (All Rates in Rs/litre)


Image: A worker holds a fuel nozzle at a petrol pump in Mumbai.
Photographs: Danish Siddiqui/Files/Reuters
Tags: Delhi , US

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