This is the 10th straight reduction in petrol price since August and sixth in diesel since October.
After the price cuts, petrol price is the lowest since September 2010 while diesel is cheapest since March 2013.
Petrol price was on Tuesday cut by Rs. 2.42 per litre and diesel by Rs.
2.25 a litre in step with fall in international oil prices.
Petrol in Delhi will cost Rs. 56.49 a litre from Tuesday midnight as
compared to Rs. 58.91 now. Similarly, diesel will cost Rs. 46.01 per
litre as against Rs. 48.26 at present.
This is the 10th straight reduction in petrol price since August and
sixth in diesel since October. Despite reductions, petrol will cost more
than ATF, which is of superior quality and used in aircraft.
A litre of jet fuel or aviation turbine fuel costs Rs. 46.51 per litre in Delhi.
New rates of petrol and diesel will be effective Tuesday midnight,
Indian Oil Corp, the nation’s largest fuel retailer, announced in New
Delhi.
After the price cuts, petrol price is the lowest since September 2010 while diesel is cheapest since March 2013.
ATF has a higher octane than petrol and diesel is a heavier fraction in
the distillation process. Traditionally, auto fuels being of lesser
quality than ATF would cost less.
Four consecutive excise duty hikes since November, totalling Rs. 7.75 a
litre on petrol and Rs. 7.50 on diesel, have however, reversed this.
But for these, the cumulative reduction of Rs. 17.11 per litre in petrol
price in 10 cuts since August and Rs. 12.96 a litre on diesel since its
deregulation in October, would have been higher.
Petrol and diesel prices were last cut on January 17, 2015 by Rs. 2.42 and Rs. 2.25 a litre respectively.
“Since that price revision, international prices of both petrol and
diesel have continued to be on a downtrend and the rupee-U.S. dollar
exchange rate has appreciated. The combined impact of both these factors
warrant a decrease in retail selling prices of both petrol and diesel,”
IOC said.
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