Petrol price was on Tuesday cut by Re 1 a litre, but the first
reduction in diesel rates in over five years will have to wait till
completion of Assembly polls.
State-owned oil firms, which cut petrol price by 54 paisa on October 1, reduced rates by another Re 1 per litre, excluding local sales tax or VAT, with effect from midnight tonight, Indian Oil Corp (IOC) announced.
The price revision was due on Oct 15,2014 Wednesday evening but was announced on Tuesday ahead of polling in Maharashtra and Haryana.
Since last price change, international petrol prices have continued to show a downward trend. However, the INR-USD exchange rate has depreciated. Despite INR-USD depreciation, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market.
Thus a downward revision in selling price of petrol by Re 1.00 /litre (excluding state levies) is being effected from midnight of 14th/15th Oct'14. With this price revision,
State-owned oil firms, which cut petrol price by 54 paisa on October 1, reduced rates by another Re 1 per litre, excluding local sales tax or VAT, with effect from midnight tonight, Indian Oil Corp (IOC) announced.
The price revision was due on Oct 15,2014 Wednesday evening but was announced on Tuesday ahead of polling in Maharashtra and Haryana.
Since last price change, international petrol prices have continued to show a downward trend. However, the INR-USD exchange rate has depreciated. Despite INR-USD depreciation, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market.
Thus a downward revision in selling price of petrol by Re 1.00 /litre (excluding state levies) is being effected from midnight of 14th/15th Oct'14. With this price revision,
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