Petrol prices were last revised on July 24th, when it was raised by 70 paise. Now the price of petrol were slashed by 56 paise per litre to be effective from midnight, giving some relief to inflation-battered common man.
The petrol in Mumbai will be cut by 71 paise to Rs 74.43 and by 70 paise in Kolkata to Rs 75.44 a litre. In Chennai, it will cost Rs 71.48 per litre as against Rs 72.19 presently and in Bangalore city the prices would be slashed by around 70 paise to Rs 75.69 a litre.
In a statement released by IOC – Indian Oil Corporation, stated –
“The prices were revised downward due to the rupee appreciating against the dollar in the recent past, giving some relief to oil companies in the import of the commodity from the international market. Presently, the rupee-dollar exchange rate has shown an appreciating trend. The international oil prices, however, continue to remain firm casting their shadow on petrol prices.”
Also see – Petrol prices increased by 70 paise