Petrol price cut by 70 paise a litre

The prices of diesel were left unchanged.

 

The reduction will be effective from Tuesday midnight.

 

Petrol prices were reduced by  Re 0.75 per litre earlier on Mar 31.

 

"Indian Oil Corporation Ltd. has decided to decrease the retail selling prices of Petrol by Rs 0.70/litre (excluding state levies) w.e.f midnight of 15th / 16th April '14," state-run Indian Oil Corporation Ltd. (IOC) said in a statement on Tuesday.

"On 1st April’14, prices of Petrol were reduced by Rs. 0.75/litre excluding state levies resulting in Retail Selling Price at Delhi going down by Rs 0.90/litre. This reduction was effected on the back of a declining trend in international prices of MS accompanied by a strengthening of the INR-USD exchange rate."

 

"Since last price change, while International MS prices have remained almost static, the strengthening of INR-USD exchange rate has continued. The continued appreciation of the Rupee has resulted in reduction in petrol prices warranting the proposed decrease in selling price by Rs 0.70/litre (excluding state levies) w.e.f midnight of 15th / 16th April '14. With this price revision, RSP at Delhi shall decrease by Rs 0.85/litre," it said.