Petrol price cut 50p/ltr, diesel by 46p

December 15, 2015 20:28

Petrol price was today cut by 50 paisa and diesel by 46 paisa a litre, much lower than an anticipated decrease as oil companies left cushion for the government to mop up gains accruing from global oil prices dipping to multi-year lows.

Petrol will cost Rs 59.98 from midnight tonight in Delhi as against Rs 60.48 per litre currently.

Similarly, a litre of diesel will cost Rs 46.09 as compared to Rs 46.55 now, said Indian Oil Corp (IOC), the nation's biggest fuel retailer said.

The rate of basket of crude oil that India buys hit a 11-year low of USD 34.39 per barrel yesterday, but the average for the fortnight which is taken into account for calculating new prices, was USD 4-5 more.

Acting as a counter-balance was the rupee that fell to Rs 66.99 to a US dollar yesterday as against average of Rs 66.21 of second half of November for the previous cut.

Industry officials said the net impact of the two should have warranted a reduction of at least Rs 2 per litre but the oil companies have kept some cushion on cues that government may like to raise excise duty on the two fuels to mop up its revenues as it has done five times in last one year.

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