Petrol price cut, to cost Rs 79.35 in City

Petrol price cut, to cost Rs 79.35 in City

After seven successive hikes of close to Rs 11 since June, petrol price was cut by a steep Rs 3.05 per litre from Monday-Tuesday midnight. The hike excludes VAT or local taxes that vary from state to state.

In Bangalore, petrol will be cheaper by Rs 4 a litre as the prices have dropped from Rs 83.35 to Rs 79.35. However, the prices of diesel have gone from Rs 56.10 to Rs 57.08, an increase of 98 paise. Even the domestic LPG will be costlier by Rs 2.50 a cylinder with the revised price being Rs 421.50. After VAT, petrol will cost Rs 72.40 per litre in Delhi, a decrease of Rs 3.66. In Mumbai, it will cost Rs 79.49 per litre as against Rs 83.63 currently. In Kolkata, it will cost Rs 79.51 after a Rs 4.11 cut, while in Chennai petrol will be priced at Rs 75.68 from the earlier Rs 79.55 a litre.

The cut in petrol price has been the first since May1 when it was slashed by Rs 3 per litre. Since June, petrol prices have been raised seven times, totalling Rs 10.80 per litre, excluding VAT.

“The decrease in petrol prices has now become feasible because of reduction of motor spirit prices from about $117 per barrel to about $113 and appreciation of rupee against dollar from about Rs 66 to a dollar to about Rs 63,” the Indian Oil Corporation (IOC) said in a statement.

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