Press Esc to close
Monday 30 March 2015
News updated at 12:17 PM IST
Weather
Max: 34.6°C
Min : 20.2°C
In Bengaluru
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 boy jumps from a raft into the Sabarmati river to cool off on a hot day...

A boy jumps from a raft into the Sabarmati river to cool off on a hot day...

Christian devotees during a procession as they celebrate 'Palm Sunday' in Bhopal on Sunday...

Christian devotees during a procession as they celebrate 'Palm Sunday' in Bhopal on Sunday...

Goats fighting on compound wall in Bengaluru on Sunday...

Goats fighting on compound wall in Bengaluru on Sunday...

A salvaged bank partially under water at Badshah Chowk after the city received rainfall in Srinagar.

A salvaged bank partially under water at Badshah Chowk after the city received rainfall in Srinagar.

Femina Miss India World 2015...

Femina Miss India World 2015...

Eunuch dance at a procession during All India Eunuch Conference in Beawar...

Eunuch dance at a procession during All India Eunuch Conference in Beawar...

A man pulls his camel as he sits in an auto rickshaw during a dust storm in Ahmedabad...

A man pulls his camel as he sits in an auto rickshaw during a dust storm in Ahmedabad...

New Zealand players congratulate the Australian team following their seven wicket win...

New Zealand players congratulate the Australian team following their seven wicket win...

Australian captain Michael Clarke celebrates  seven wicket victory over New Zealand...

Australian captain Michael Clarke celebrates seven wicket victory over New Zealand...

Australia's captain Michael Clarke holds the Cricket World Cup trophy after they defeated...

Australia's captain Michael Clarke holds the Cricket World Cup trophy after they defeated...

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