Press Esc to close

Petrol cheaper by Rs 2.43 in Bangalore

Last updated: 15 November, 2011
New Delhi, Nov 15, DHNS: 1:43 IST

Weakening rupee may push up prices again

Bangaloreans will pay Rs 2.43 less for unleaded petrol per litre from Tuesday midnight after state-owned oil companies revised downward the retail prices.

Earlier in the day, the oil companies slashed the basic price of petrol by Rs 1.85 a litre.
This is the first petrol price cut in nearly three years. The last time the prices were revised downward was in January 2009.

The reduction of Rs 1.85 per litre is the basic price cut by the fuel companies, on which the states levy their local sales tax.

Consequently, petrol will cost Rs 66.42 per litre in Delhi from midnight as against Rs 68.64 per litre now.

In Mumbai, petrol will sell at Rs 71.47 per litre, in Kolkata it will cost Rs 70.84 per litre, while in Chennai it will sell at Rs 70.38 per litre

The reduction in petrol prices was effected following a reduction in global crude oil prices and rupee dollar parity since end of October, India’s largest fuel retailer Indian Oil Corporation said in a press release posted on its website.

Price of petrol in global market dropped to $115 a barrel from an average of $125 last month.

The rupee also averaged 49.50 against the dollar during the same period.
IOC said that with Tuesday’s revision, there will be no under-recovery on account of petrol prices during the fortnight beginning November 16.

Experts, however, warned that if the rupee moves further away after suffering a significant depreciation in the past couple of days, its impact may get reflected in the next pricing cycle after a fortnight.

Rupee slid to a 33-month low on Tuesday and stood at 50.45 per dollar, making further the import of oil costlier for the Indian firms.

Go to Top

Most trending stories
Photo Gallery
Girls taking selfie in front of Gateway of India replica, it is made by Institute of Baking...

Girls taking selfie in front of Gateway of India replica, it is made by Institute of Baking...

Commissioning of Scorpene Class Submarine INS Kalvari at the Naval Dockyard in Mumbai...

Commissioning of Scorpene Class Submarine INS Kalvari at the Naval Dockyard in Mumbai...

Prime Minister Narendra Modi shows his finger marked with indelible ink, as he leaves...

Prime Minister Narendra Modi shows his finger marked with indelible ink, as he leaves...

Congress president-elect Rahul Gandhi meets with the families of fishermen affected by Cyclone...

Congress president-elect Rahul Gandhi meets with the families of fishermen affected by Cyclone...

Uttar Pradesh Chief Minister Yogi Adityanath and Samajwadi Party leader Azam Khan on their way...

Uttar Pradesh Chief Minister Yogi Adityanath and Samajwadi Party leader Azam Khan on their way...

An Indian army paratrooper jumps from a plane carrying an Indian national flag...

An Indian army paratrooper jumps from a plane carrying an Indian national flag...

Women waiting in a queue to cast their votes during the second phase of Assembly elections...

Women waiting in a queue to cast their votes during the second phase of Assembly elections...

Indian Youth Congress workers shout slogans while being detained by the police during a protest...

Indian Youth Congress workers shout slogans while being detained by the police during a protest...

Ghulam Nabi Azad, Derek O'Brien, Anand Sharma, Mallikarjun Kharge, Farooq Abdullah and others...

Ghulam Nabi Azad, Derek O'Brien, Anand Sharma, Mallikarjun Kharge, Farooq Abdullah and others...

Pope Francis receives a credential letter from Sibi George, new Ambassador of India to Holy See...

Pope Francis receives a credential letter from Sibi George, new Ambassador of India to Holy See...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.