Wednesday 16 April 2014
News updated at 9:43 PM IST
Weather
Max: 34°C
Min : 22.7°C
In Bangalore
Sunny day

IOC slashes petrol price by 56 paise

NEW DELHI, Oct 8, 2012, DHNS:

Revision excludes State levies; BP, HP yet to take call

State-run Indian Oil Corporation slashed petrol prices by Rs 0.56 per litre from Monday night, giving some relief to inflation-battered common man.

The revision, however, excludes the state levies, the IOC said in a statement.
The prices were revised downward due to the rupee appreciating against the dollar in the recent past, giving some relief to oil companies in the import of the commodity from the international market.

“Presently, the rupee-dollar exchange rate has shown an appreciating trend. The international oil prices, however, continue to remain firm casting their shadow on petrol prices,” the IOC said.


It said, the trends in the international oil market and dollar-rupee exchange rate will be closely monitored and will  be reflected in future price changes.

The two other public sector fuel retailers, namely Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) have not yet announced their decision to cut pump prices for petrol, but are expected to take a decision soon. Petrol prices were last revised on June 28, when it were slashed by Rs 2.46 per litre.

The oil marketing companies have incurred a loss of Rs 2600 crore approximately on sale of petrol during April-September this year due to inability to change retail selling prices to the desired extent in line with market conditions, the IOC statement said.

70-paise cut in Bangalore

N Bhushan Narang, president of the Karnataka Petroleum Dealers Association, said the reduction in petrol prices is applicable only to IOC-owned petrol bunks as HP and BPCL are yet to announce the reduction. “HP and BPCL may announce slash in the petrol prices by Tuesday or Wednesday,” he said.

Narang further said the reduction of petrol prices in Bangalore city would be by around 70 paise per litre.

Go to Top

Photo Gallery
A visitor walks next to a sand sculpture on elections made by Indian sand artist Sudarshan...

A visitor walks next to a sand sculpture on elections made by Indian sand artist Sudarshan...

Members of the election staff carry electronic voting machines (EVM) through a tea garden...

Members of the election staff carry electronic voting machines (EVM) through a tea garden...

A man rests on a boat on the banks of the river Yamuna in the old quarters of Delhi...

A man rests on a boat on the banks of the river Yamuna in the old quarters of Delhi...

Rescue work is carried out after Dimapur-Kamakhya BG Express derailed near Jagiroad Station...

Rescue work is carried out after Dimapur-Kamakhya BG Express derailed near Jagiroad Station...

Pranab Mukherjee during a meeting with Indian Postal Service Probationers...

Pranab Mukherjee during a meeting with Indian Postal Service Probationers...

Policemen conduct checking on the eve of Lok Sabha elections in Patna...

Policemen conduct checking on the eve of Lok Sabha elections in Patna...

A labourer sits at a window under a railway bridge in the old quarters of Delhi...

A labourer sits at a window under a railway bridge in the old quarters of Delhi...

Bollywood lyricist Gulzar during the inauguration of the painting exhibition Epic...

Bollywood lyricist Gulzar during the inauguration of the painting exhibition Epic...

Members of the election staff carrying electronic voting machines (EVM) cross a water channel...

Members of the election staff carrying electronic voting machines (EVM) cross a water channel...

A woman pastes cow dung cakes on a wall for drying in the northern Indian city of Allahabad...

A woman pastes cow dung cakes on a wall for drying in the northern Indian city of Allahabad...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523