Petrol price reduced by 95 paise on easing international oil rates
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The price of petrol has been reduced by 95 paise per litre, the second reduction in rates since October, on account of fall in global oil prices.
"It has been decided to revise the MS (motor spirit) prices downward by Rs 0.95 per litre (excluding state levies) w.e.f November 16," IndianOil said in a statement.
Post reduction, petrol will cost Rs 67.24 per litre in the national capital.
The reduction varies from city to city, depending on the local sales tax or VAT rates. Petrol price in Mumbai has been reduced by Rs 1.20 per litre to Rs 73.53, while it will cost Rs 70.57 a litre in Chennai instead of Rs 71.77 a litre currently. In Kolkata, the price has been cut by Rs 1.19 to Rs 74.55 per litre.
However, the relief may be short-lived as state-owned retail entities have expressed concern over the "significant" volatility in dollar-rupee exchange rate that may end the present run of price cuts for petrol.
"The trends in the international oil market and rupee-dollar exchange rate are being closely monitored and the same shall be reflected in future price changes," IndianOil said. Oil companies last reduced petrol prices on October 8 marginally by about 57 paise per litre.
Despite deregulating the prices of petrol, oil marketing companies incurred a loss of Rs 2,000 crore on sale of petrol during April-September due to inability to revise retail selling prices to the desired extent in line with market conditions.