Petrol prices slashed by 95 paise in India

Petrol prices slashed by 95 paise in India

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In some relief for vehicle owners in India, the state owned oil companies have brought down the prices of petrol by 95 paise-per-liter minus the state levies. The price was effective from midnight on November 15, 2012. Petrol in Delhi will cost Rs. 67.24, Rs. 73.53 in Mumbai, Rs, 73.73 in Hyderabad and Rs.74.22 in Bangalore.

Indian Oil said in a statement, “Presently, international oil prices are relatively stable. However, there has been significant volatility in the rupee/dollar exchange rate and is currently very weak with uncertainty in its future direction”. The oil company also said that oil trends will be monitored and reflected in future price revisions.

The price of petrol was last revised on October 27, 2012, when it was raised by 29 paise after the government gave in to the demand of increasing the commission for petrol pump owners. R S Butola, the chairman of Indian Oil said that there has been some reduction in gasoline rates, against which the domestic price of petrol is bench marked, giving some margin on petrol.

The prices of liquefied petroleum gas, kerosene and diesel is fixed by the government to protect the poor, leading to revenue losses at the state-run Indian Oil, Bharat Petroleum and Hindustan Petroleum. The centre will pay Rs. 30,000 crores to the state-owned fuel retailers who are forced to pay at cheaper rates.