This should come as a huge relief for car owners in India. Petrol prices have been slashed by Re.1/liter effective from midnight Wednesday (17th April).
This is the third consecutive reduction in the prices of petrol in the country. Previously, the prices were reduced on two other occasions – 85paisa/liter on 2nd April and before that by Rs.2/liter on 16th March. Reduction in prices has been made possible because of reduction of crude oil prices in the international market.
After this reduction of Re.1, petrol prices in major India cities will be as follows including VAT:
- Delhi: Rs.66.09/liter
- Mumbai: Rs.72.88/liter
- Chennai: Rs.69.08/liter
- Kolkata: Rs.73.48/liter
Speaking on this occasion, Indian Oil Corporation, country’s largest petroleum retailer, said that since international crude oil prices have come down significantly from $119.23 per barrel to $116.61 per barrel, it was decided that some benefit of this should be passed onto the consumers. They also cited improving condition of Rupee vis-à-vis the dollar in the international market as another reason for the price cut.
The company also mentioned that they are monitoring the international market situation regarding diesel and future price revisions will be taken according to the conditions prevailing in the international markets. Diesel price rates in the country have been kept unchanged for now.