Petrol price is cut by Rs 2 per litre with effect from midnight today across four metros, following a decline in international crude oil prices, however there is no change in diesel price, Indian Oil Corporation said while announcing the price revision today.
Price cut will be implemented by all oil retailers including Hindustan Petroleum Corp and Bharat Petroleum Corp .
After including VAT, the reduction in price of petrol in Delhi comes to Rs 2.40 per litre while in Mumbai it comes to Rs 2.52. The fuel will cost Rs 68.34 and Rs 75.14 rupees in Delhi and Mumbai respectively from midnight tonight. The cut in petrol price comes after two successive hikes of Rs 1.50 per litre on February 16 and Rs 1.40 per litre on March 2 (excluding local VAT), which is likely to bring some relief for consumers.
Petrol prices have been hiked 21 times since the government deregulated the sector.
Oil retailers were expected to raise diesel prices by 40-50 paise per litre as a part of monthly hike mechanism suggested by the government. However, they seem to have deferred the decision to save the government from opposition's ire in the parliament. After deregulation of diesel price in January, oil retailers have hiked price twice. Government has asked oil retailers to gradually raise the diesel prices to align it with international levels.
Fall in international crude prices have not only helped to reduce petrol prices but have also helped lower losses on subsidized fuel sale, IOC said. Losses on diesel have come down to Rs 8.64 per litre from Rs 11.26 at the beginning of the month. Global crude prices have slid to USD 107.41 per barrel from USD 112.73.
Oil retailers however continue to make huge losses on sale of subsidised diesel. IOC sees revenue loss of Rs 86,500 crore in 2012-13 on subsidized diesel sale. It pegged revenue loss of Rs1.63 lakh crore in FY13 for all oil retailers put together.
Oil firms calculate the desired retail price on 1st and 16th of every month based on average imported oil price on the previous fortnight.
(With inputs from PTI)
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