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Petrol to be cheaper by Rs 1.89-2.38 per litre

Last Updated: Wednesday, August 13, 2014 - 17:30

Zee Media Bureau

Oil marketing companies will cut petrol prices by Rs 1.89 -2.38 per litre from midnight of August 14/15, Oil Minister Dharmendra Pradhan said on Wednesday.

State retailers revise petrol price on 1st and 16th of every month based on average international oil price and rupee-dollar exchange rate in the previous fortnight.

Oil firms had last cut rates on August 1 by Rs 1.09 per litre, the first reduction in price since mid-April. Petrol currently costs Rs 72.51 per litre in Delhi.

This will be the second reduction in rates this month.

The government had in June 2010 freed petrol prices and since then rates have moved in tandem with the cost on most occasions.

For diesel, the government had in January 2013 decided to eliminate the subsidy in stages through monthly increases in prices by up to 50 paise per litre.

With monthly increases continuing, subsidy or losses on diesel have been trimmed to Rs 1.33 per litre but this will go up as there is a marginal increase in international gasoil (diesel) prices.

Diesel price revision is due only on September 1 as per the policy of raising rates every month.

With agency inputs

First Published: Wednesday, August 13, 2014 - 17:11
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