New Delhi: Petrol price was on Saturday cut by Rs 1.82 a litre, the third reduction in rates this month, but diesel rates were hiked by 50 paise per litre.
The revised rates are effective from Saturday midnight, oil companies said. With international oil rates on the decline, petrol price was cut by Rs 1.51 a litre, which after including local sales tax or VAT amounts to Rs 1.82 a litre in Delhi. Petrol in Delhi will now cost Rs 68.51 a litre as against Rs 70.33 currently.
In line with the January 2013 decision to hike diesel prices till retail rates come on par with its cost, rates were hiked by 50 paise a litre.
After, including VAT, the increase in Delhi came to 57 paise. Diesel will now cost Rs 58.97 per litre in Delhi as against Rs 58.40 currently. Rates will vary from city to city depending on local sales tax or VAT.
Petrol price was cut by Rs 1.09 a litre on August 1 and again by Rs 2.18 per litre prior to Independence Day. At Rs 68.51, petrol price is lowest since June last year when it was sold at Rs 68.58 per litre.
Indian Oil Corp, the nation’s largest fuel retailer, said the downward trend in international prices has also warranted a cut in price of non-subsidised cooking gas (LPG) by Rs 19 per 14.2-kg cylinder. Non-subsidised LPG is the one that household consumers buy after exhausting their quota of 12 cylinders in a year.
Subidised cylinder costs Rs 414 per litre in Delhi. A 14.2-kg non-subsided LPG cylinder will now cost Rs 901 from Sunday as compared to Rs 920 currently.
Also, the rate for bulk diesel, which is priced at market rates, was cut by Rs 1.32 per litre in Delhi. As per government policy, bulk users like railways, defence and state road transport corporations buy diesel at market price, which is higher than pump rates.