Press Esc to close

IOC slashes petrol price by 56 paise

NEW DELHI, Oct 8, 2012, DHNS: 1:33 IST

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

More from this section
Photo Gallery
Cricket icon Sachin Tendulkar met members of the Indian Womens cricket team at the MCA BKC...

Cricket icon Sachin Tendulkar met members of the Indian Womens cricket team at the MCA BKC...

Union Minister of Commerce and Industry, Suresh Prabhu joins hands with ASEAN Ministers...

Union Minister of Commerce and Industry, Suresh Prabhu joins hands with ASEAN Ministers...

Karni Sena activists demonstrate against the release of Padmaavat, in Bhopal...

Karni Sena activists demonstrate against the release of Padmaavat, in Bhopal...

The tableau of Gujarat for the Republic Day parade, during a press preview in New Delhi...

The tableau of Gujarat for the Republic Day parade, during a press preview in New Delhi...

An artist of J & K tableau for the Republic Day parade, during a press preview in New Delhi...

An artist of J & K tableau for the Republic Day parade, during a press preview in New Delhi...

Jana Sena Party chief and actor Pawan Kalyan offers sweets to his wife Anna Lezhneva before...

Jana Sena Party chief and actor Pawan Kalyan offers sweets to his wife Anna Lezhneva before...

The tableau of Maharashtra for the Republic Day parade, during a press preview in New Delhi...

The tableau of Maharashtra for the Republic Day parade, during a press preview in New Delhi...

A woman shows the damage at her house after heavy shelling from the Pakistani side of the...

A woman shows the damage at her house after heavy shelling from the Pakistani side of the...

School students wear the customary yellow dress for Basant Panchami ...

School students wear the customary yellow dress for Basant Panchami ...

Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

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.