NEW DELHI, October 8 (Agencies): State-run Oil marketing Companies (OMCs) on Monday announced a marginal 56 paise per litre decrease in the price of petrol passing on the gains of appreciation in rupee value against the US dollar to the consumers.
Petrol will cost Rs. 67.90 per litre in Delhi with effect from midnight tonight as against Rs. 68.46 a litre presently. Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), the other two state fuel retailers, are also expected to announce the price cut from tonight.
“It has been decided to revise the petrol prices downward by 56 paise per litre (excluding state levies in Delhi) with effect from October 9,” IOC said in statement here. Petrol in Mumbai will be cut by 71 paise to Rs. 74.43 and by 70 paise in Kolkata to Rs. 75.44 a litre. In Chennai, it will cost Rs. 71.48 per litre as against Rs. 72.19 presently.
Petrol prices were last revised on June 24 when they were hiked by 70 paise. The rupee-dollar exchange rate has shown an appreciating trend. The international oil prices, however, continue to remain firm casting their shadow on petrol prices as there had been significant volatility in international oil prices and exchange rate.”The trends in the international oil market and exchange rate would be closely monitored and would be reflected in future price changes,” the release added.
IOC, BPCL and HPCL lost Rs. 2,600 crore on sale of petrol during April-September due to inability to change retail selling prices to the desired extent in line with market conditions, it said. Other than petrol, the fuel retailers also lose heavily on sale of regulated products diesel, cooking gas (LPG) and kerosene. They currently lose Rs. 11.65 per liter on diesel, Rs. 33.93 on kerosene sold through PDS and Rs. 468.50 per 14.2-kg domestic cooking gas cylinder. The three firms are projected to lose Rs. 160,000 crore in revenue on sale of the three products during the current fiscal, IOC release added.