NEW DELHI : Petrol price was today cut by Rs. 1 per litre while that of diesel was kept unchanged.The revised prices will take effect from midnight.Indian Oil Corporation, the country’s largest fuel retailer, said that the “reduction was mainly on the back of a declining trend in international petrol prices”.
After Tuesday’s cut, the price of petrol in the four major cities will be: Delhi – Rs. 66.65 per litre; Kolkata – Rs. 74.21/litre; Mumbai – 74.46/litre, and Chennai – 69.59/litre
The price of the fuel was last cut by 65 paise per litre on September 30.”Thus a downward revision in selling price of petrol by Re 1.00 /litre (excluding state levies) is being effected from midnight of 14th/15th Oct’14. With this price revision, Retail Selling Price at Delhi shall decrease by Rs. 1.21/litre (including VAT), with corresponding decrease in other states,” IOC said.
It further said that “international petrol prices have continued to show a downward trend”.”Despite INR-USD depreciation, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market.”