Petrol cut by Re 1 a litre, diesel by Rs 2 effective today
Making its previous fortnightly revision in fuel prices on 1 August, IOC had cut petrol by Rs 1.42 a litre and diesel by Rs 2.01 paise, both at Delhi
New Delhi: Amid the recent fluctuation in global oil prices, state-run Indian Oil Corp (IOC) cut the price of transport fuels effective from Tuesday, of petrol by Re 1 a litre and of diesel by Rs 2, both at Delhi, with corresponding decrease in other states.
Making its previous fortnightly revision in fuel prices on 1 August, IOC had cut petrol by Rs 1.42 a litre and diesel by Rs 2.01 paise, both at Delhi.
Petrol per litre from Tuesday costs Rs 60.09 in Delhi, Rs 64.18 in Kolkata, Rs 65.04 in Mumbai and Rs 59.65 in Chennai.
Similarly, diesel will cost Rs 50.27 in Delhi, Rs 52.86 in Kolkata, Rs 55.64 in Mumbai and Rs 51.65 in Chennai.
The Indian basket of crude oils closed trade on Thursday at $41.82 a barrel, lower than $41.97 on the previous day, as per official data.
A critical shortage of foreign currency has left importers unable to finance purchases of food, oil and medicines, while runaway inflation and regular blackouts have made life a misery for the country's 22 million people
Selling diesel at Rs 20-25/ltr loss, petrol at Rs 14-18/ltr loss, private fuel retailers informs oil ministry
The Federation of Indian Petroleum Industry wrote to the Petroleum Ministry saying losses on petrol and diesel will limit further investments in retailing business
The government has levied a Rs 23,250 per tonne additional tax on crude oil produced domestically