Oil companies cut petrol price by Rs1.85 a litre as crude costs dip
15 Nov 2011
State-run fuel retailers in the country today announced a Rs1.85 per litre reduction in the retail prices of petrol, making it cheaper by as much as Rs2.25 per litre, including taxes, in the national capital.
Along with public sector Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation, private sector firms such as Essar have also announced a reduction in their retail prices, passing on the benefits of a fall in global crude prices to domestic customers.
Accordingly, petrol in Delhi will now cost Rs66 a litre.
Today's cut more than offsets the Rs1.82 per litre hike in petrol prices announced last week. While the exact price cut would vary from state to state depending on local taxes, the price reduction is expected to bring some relief to harassed consumers.
This is the first downward reduction in fuel prices by oil companies, which revise the price on the basis of fortnightly average of international oil prices.
The reduction in petrol prices would be the first in nearly three years, and also the first in the 18 months since the government ended controls on petrol pricing.
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