November 16th, 2011
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Petrol price reduced by 2 rupees

petrol-priceNew Delhi: Petrol will be cheaper by almost Rs 2/litre from today. This is the first cut since January 2009. Finally a decision that eases the burden on the drooping shoulders of the Aam Aadmi ( the common man).

After a nationwide outrage over the recent fuel price hike, the public sector oil retailers such as Indian Oil Corporation, Hindustan Petroleum Corporation, Bharat Petroleum Corporation have reduced petrol prices by Rs. 1.85 per litre excluding State taxes and levies. This means that in Delhi, petrol will be Rs. 2.22 cheaper per litre from midnight. And while Mumbaikars will now pay Rs. 2.34 lesser per litre, in Chennai and Kolkata petrol prices have come down by Rs. 2.35 and Rs. 2.31 respectively. The exact price cut for users would vary from one State to another depending on local taxes.

In a statement issued here, Indian Oil Corporation said that “the reduction has been possible as a result of favorable impact of slide down both in the international prices of petrol and in the rupee/dollar parity.” “The review reveals that at the current prices, there will be an over-recovery of Rs.1.85 per litre. It has, therefore, been decided to revise the MS (motor spirit) prices downward by Rs.1.85 (excluding state taxes and levies) with effect from Nov 16,” the company added.

In case of diesel, the international prices have firmed up (a trend opposite to petrol) during the fortnight. As a result, the under-recovery of Indian Oil Corporation on selling the product at a controlled price has increased to Rs 10.17/ litre from Rs 8.58. The pricing of kerosene and domestic LPG follows a monthly cycle and, therefore, on these two products, the under recovery remains at Rs 25.66/ litre and Rs 260.50/ a cylinder, respectively.


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