The price of petrol in the Indian market has been cut by Rs. 1 per litre. The price cut was announced by Indian Oil Corporation on April 15, 2013 and the reduction will become effective by midnight on the same day.
The last time the price of petrol was cut was earlier in the month of April, where it was reduced by Rs. 1.02 per litre, due to a decline in the international rates of oil, as well as a favourable rupee-dollar exchange. This has also trimmed the revenue loss on diesel substantially. On fortnightly basis, the oil companies like Bharat petroleum and Hindustan Petroleum generally align the petrol prices with the international rates.
Moreover, the oil companies now have the liberty to fix petrol rates, since the price of fuel was deregulated in the month of June 2010 by the government. Petrol in India is considered to be a deregulated fuel and the pricing decision depends on oil companies. However, the approval of the oil ministry is taken before the prices are revised. The reduced prices of petrol are mentioned without value added taxes being included. This might be a relief for customers who own petrol vehicles.
Here are the revised rates of petrol across the metros:
Delhi 67.29 66.09 1.20
Kolkata 74.72 73.48 1.24
Mumbai 74.14 72.88 1.26
Chennai 70.34 69.08 1.26