Petrol Price Go Down By Rs 3/Liter

Published: Thursday, May 2, 2013, 16:20 [IST]

After the steady increase in petrol prices that we witnessed late last year and early this year, petrol prices have now taken a plunge for the good, reversing the expensive trend. Petrol prices across the country have been slashed by Rs 3 per liter. The cost of petrol in individual cities of course varies depending on local taxes.

The first rate cut came on March 16, followed by another small drop on April 16. During these price cuts the cost went down by Rs 2.40 and Rs 1.40 respectively. The current price of Rs 3, the highest, has brought a sigh of relief from motorists across the country.

Government owned oil companies, including Indian Oil Corp decide fuel prices in the country depending on international rates. The latest decision was taken following drop in international petrol price drop from $116.61 per barrel to $107 a barrel.

New petrol prices in Indian metro cities are as follows:
Delhi: From Rs 66.09 to Rs 63.09 per liter
Mumbai: From Rs 72.88 to Rs 69.73 per liter
Kolkata: From Rs 73.48 to Rs 70.35 per liter
Chennai: From 69.08 to Rs 65.90 per liter
Bangalore: From Rs 72.63 to Rs 69.35 per liter

Mr. Sugato Sen, Deputy Director General, Society of Indian Automobile Manufacturers welcoming the price drop stated, "As an industry body SIAM always welcomes any price change as long as it is aligned with the global market. The alteration in price should happen in a distortion-free and market-driven manner for both petrol and diesel".

Article Published On: Thursday, May 2, 2013, 16:20 [IST]

More from DriveSpark