Petrol prices cut by Rs0.95 per litre

State-run oil marketing companies have announced a downward revision in retail prices of petrol by Rs0.95 per litre (excluding state levies) with effect from 16 November, a second reduction in prices since October, amidst declining international prices of crude oil.

Beginning Friday, petrol in Mumbai would cost Rs73.53 per litre, a Rs1.20 reduction from the current rate of Rs74.73 per litre. In Delhi, the fuel would cost Rs67.24 a litre against Rs8.19 a litre at present.

Prices vary from city to city due to differential local sales tax or VAT rates.

In Chennai, petrol would cost Rs70.57 per litre, down Rs1.20 from the existing Rs71.77 per litre; in Kolkata  Rs74.55 per litre, down Rs1.19 from Rs75.74; in Hyderabad the new price would be Rs73.73 per litre, down Rs1.25 from the current Rs74.98 per litre while on Bengaluru petrol would cost Rs74.22 per litre beginning Friday, down Rs1.25 from the current Rs75.47 per litre.

OMCs had, on 9 October, reduced petrol price by 56 paise to around Rs67.90 a litre. However, the rate was later hiked by 29 paise following government decision to raise the commission paid to petrol pump dealers.

While the international oil prices are relatively stable at present, Indian Oil Corporation (IOC) said there has been significant volatility in the rupee-dollar exchange rate and is currently very weak with uncertainty about its future direction.