Government run oil units reduce diesel and petrol price
In a welcome news for the comman man, Indian Oil Corp has decided to cut the price of diesel by 7.2 percent and that of gasoline by 3.6 percent from Saturday reflecting changes in global price of the two fuels since the last revision.
The retail price of diesel will decline by 3.60 rupees ($0.06) and that of gasoline, or petrol, will decrease by 2.43 rupees a litre (excluding taxes) .
The reduction in price was round the corner because of the oil scenario world wide. This is the third straight reduction in fuel prices this month. Petrol and diesel prices are reviewed every fortnight by oil marketing companies and revised in accordance with international oil prices and foreign exchange rates.
“Since last price change, there has been a decrease in international prices of both Petrol & Diesel. INR-USD exchange rate has, however, depreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” a statement by the Indian Oil Corporation Ltd (IOCL) said late Friday evening.
IOCL also said that prices of non-subsidised LPG cylinders (14.2kg) in Delhi have been reduced to Rs. 585 from Rs. 608.50 per cylinder, a cut of Rs. 23.50 per cylinder. The price of subsidised LPG will, however, remain the same.