Petrol price cut by 70 paise a litre

Petrol-price-cutNew Delhi, April 15 : State-run Indian Oil Corp (IOC) Tuesday announced a cut in petrol prices by 70 paise a litre, effective from midnight.

The reduction is exclusive of local taxes, and the fuel's retail price in Delhi will come down by 85 paise a litre, IOC said.

"The continued appreciation of the rupee (to the US dollar) has resulted in reduction in petrol prices warranting the proposed decrease," a statement here said.

Petrol price was last reduced on the first of this month by 75 paise a litre, excluding state levies, and the fuel currently sells in Delhi at Rs. 72.26 per litre.

Oil marketing companies (OMCs) are currently suffering under-recovery, or losses, of Rs. 5.49 per litre on diesel, Rs. 34.43 a litre on kerosene and Rs. 505.50 per LPG cylinder, on account of selling these fuels below cost, IOC said.(IANS)