EFT Report, New Delhi: India’s Petroleum major Indian Oil Corp (IOC) announced reduction in petrol price by Rs 1 per liter (excluding VAT) effective midnight Monday-Tuesday.
"Since the last price change, the international prices of petrol have gone down from $119.23 per barrel to $116.61 per barrel," IOC said in a statement here.
It had thus decided to pass on the benefit to customers, the company said.
The price of petrol was decreased by 85 paise per liter (excluding VAT) on April 3, 2013.
Taking into account local taxes, the new price of petrol per liter will be Rs 66.09 in Delhi, Rs 72.88 in Mumbai, Rs 69.08 in Chennai, Rs 73.48 in Kolkata and Rs 72.63 in Bangalore.
According to IOC, it has incurred losses of nearly Rs 500 crore on sale of petrol in the last financial year.
"Since the last price change, the international prices of petrol have gone down from $119.23 per barrel to $116.61 per barrel," IOC said in a statement here.
It had thus decided to pass on the benefit to customers, the company said.
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| Petrol Prices Slashed By Rs 1 Per Liter |
Taking into account local taxes, the new price of petrol per liter will be Rs 66.09 in Delhi, Rs 72.88 in Mumbai, Rs 69.08 in Chennai, Rs 73.48 in Kolkata and Rs 72.63 in Bangalore.
According to IOC, it has incurred losses of nearly Rs 500 crore on sale of petrol in the last financial year.
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