Petrol prices to be slashed by Rs 2.00 per litre effective from midnight

Indian Oil Corporation Ltd. has decided to reduce the retail selling prices of Petrol w.e.f midnight of 15th/16th March’13 by Rs. 2.00/ litre (excluding VAT).

The Prices of Petrol were increased by Rs.1.40/litre (excl VAT) w.e.f 2nd March’13. Since last price change, international prices of crude oil have slid from USD 112.73/bbl to USD 107.41/bbl leading to consequential fall in international prices of MS. On the other hand, Rupee has depreciated marginally. Following this trend, it has been decided to pass on the benefit to the customers and accordingly the aforesaid reduction in the retail selling price of Petrol is being effected. It may be noted that the Corporation has already lost over Rs. 500 Crore (OMCs Rs. 1130 Crore) on sale of petrol so far during the current financial year.

In addition to losses on sale of petrol, OMCs are suffering under-recovery on sale of HSD (Retail) of Rs. 8.64, SKO (PDS) of Rs.33.43/litre & LPG (Dom) of Rs.439.00/cyl. Projected under-recovery of the Corporation on three sensitive products is expected to be around Rs.86500 crore and of the Industry around Rs.163000 crore during current year.

The movement in international oil prices and INR-USD exchange rate is being monitored and decision on future price changes shall be taken accordingly.

 

The details of existing and Revised selling prices of Petrol for metros are given below:

 

Cities

 

 

Revised Price

 

Current Price

 

Decrease

 

New Delhi

 

 

Rs. 68.34/litre

 

Rs. 70.74/litre

 

-2.40

 

Mumbai

 

Rs. 75.14/litre

 

Rs. 77.66/litre

 

 

-2.52

 

 

Chennai

 

Rs. 71.41/litre

 

 

Rs. 73.95/litre

 

 

-2.54

 

 

Kolkata

 

Rs. 75.84/litre

 

 

Rs. 78.34/litre

 

 

-2.50

 

 

Hyderabad

 

Rs. 74.59/litre

 

 

Rs. 77.21/litre

 

 

-2.62

 

 

Bengaluru

 

Rs. 75.26/litre

 

 

Rs. 77.88/litre

 

-2.62

 
Also see – Petrol price hiked by Rs 1.40 per litre