Petrol cheaper by Re 1, diesel 89 ps

Petrol cheaper by Re 1, diesel 89 ps

Petrol and diesel prices have come down by Re 1 and 89 paise per litre, respectively, with effect from Sunday midnight in Bengaluru.

As against the existing price of Rs 70.45 a litre, petrol will now cost Rs 69.45 per litre, which includes the changes in State taxes. Diesel, which was being sold at Rs 57.94 a litre, will now cost Rs 57.04 per litre. Petrol and diesel prices were last hiked on November 1, 2014. For the first time in the last few years, petrol prices have plummeted below the Rs 70-mark.

Petrol price was cut by 91 paise a litre, the seventh reduction since August, and diesel by 84 paise per litre, the third straight cut, as international oil rates continued to slump. Indian Oil Corp, the nation’s largest fuel retailer, announced the reduction in New Delhi. Final prices differ from state to state due to differential local sales tax or VAT rates.

In Delhi, petrol will now cost Rs 63.33 a litre against the previous price of Rs 64.24 while in Mumbai, the reduction will be 96 paise, to Rs 70.95 per litre.

Diesel will cost Rs 52.51 a litre in Delhi as against the present price of Rs 53.35. In Mumbai, the price will be cut by 93 paise, to Rs 60.11 per litre.
The prices of petrol and diesel were last cut on November 1 by Rs 2.41 a litre and Rs 2.25 per litre, respectively, (including state levies at Delhi) following a decline in international oil prices.

“International prices of both petrol and diesel have continued to be on a downtrend. The rupee-dollar exchange rate has, however, appreciated since the last price change. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel,” IOC said in the statement.

This is the seventh consecutive reduction in petrol prices since August and third in diesel rates since October. Prior to Sunday’s reduction, petrol price has been cumulatively cut by Rs 9.36 per litre since August.

Diesel price was cut for the first time in over five years on October 19 by Rs 3.37 a litre, when the government decided to deregulate the fuel. This was followed by another reduction on November 1. Rates would have been cut by Rs 1.50 on November 16 but the government took away the gains by way of an excise duty increase.

Excise duty on unbranded petrol was hiked from Rs 1.20 per litre to Rs 2.70 per litre and unbranded diesel from Rs 1.46 a litre to Rs 2.96.

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