New Delhi, July 31 IANS | 5 months ago

The petrol price was Thursday lowered by Rs.1.09 per litre, the second reduction in three-and-a-half months, while diesel rates were hiked by 50 paise a litre.

The revisions will be effective midnight Thursday, Indian Oil Corp said.

"During the past fortnight, petrol prices have shown a downward trend while the INR-USD exchange rate has slightly depreciated," IOC said in a release.

Allowing for local taxes, petrol per litre will cost Rs.72.51 in Delhi, Rs.80.30 in Kolkata, Rs.80.60 in Mumbai and Rs.75.78 in Chennai.

The latest diesel hike, in line with the government's 2013 January authorization for oil marketers to increase selling price within a small range every month, means the fuel will cost per litre Rs.58.40 in Delhi, Rs.63.22 in KOlkata, Rs.66.63 in Mumbai and Rs.62.30 in Chennai.

IOC also cut the price of diesel sold to bulk consumers (Bulk HSD) by 72 paise a litre in Delhi (including VAT) with corresponding decrease in other states, saying the price of diesel in the international market has shown a downtrend.

International prices of LPG also witnessed a downtrend during this period, IOC said.

"As a consequence selling price of domestic non-subsidised LPG cylinder shall reduce by Rs 2.50 for a 14.2 kg cylinder and that of LPG commercial cylinder by Rs.4.00 for a 19 kg cylinder at Delhi (including VAT) with corresponding decrease in other states," IOC said.

(Posted on 31-07-2014)

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