The common man can leave a sigh of relief now, as the Oil companies have announced a cut in the prices of Petrol. The prices are reduced by Rs. 2.46 per liter. Though the public was expecting a cut of nearly Rs.4, the companies have decided to offer only Rs.2.46 reduction, as of now. The new prices would come into effect from Thursday midnight.
Today’s reduction, has been done keeping in mind, an average of $106.93 per barrel for gasoline, against which domestic petrol prices are calculated. Experts feel that there is still scope for cutting the prices of Petrol further from here, as the oil prices in the global markets have fallen by over 8% since the fare hike announced by the companies.
Petrol price in Delhi will now be around Rs 67.78 per litre with effect from Thursday midnight. Earlier the commuters had to shell Rs 70.24 a litre.
In Bangalore, the price would be Rs. 77.11 per litre. Mumbai would see a price of 73.35 rupees per litre. Commuters in Kolkata and Chennai would have to pay Rs. 72.74 and Rs. 72.27 respectively.
This is the second fare cut in the petrol, following a reduction of Rs 2.02 a litre announced on June 3. However it could be recalled that the state owned Oil companies had increased the price by a whopping Rs.7.54 earlier to this.
Indian Oil Corporation, has maintained that the three state run oil firms are projected to lose a record Rs 151,000 crore in the revenue on sale of diesel, domestic LPG and kerosene, whose rates have not been revised in past one year.