​​​
  1. Petrol to cost Rs 2.42 less, diesel price cut by Rs 2.25 a litre

Petrol to cost Rs 2.42 less, diesel price cut by Rs 2.25 a litre

Petrol price was cut today by Rs 2.42 per litre, while diesel rate was slashed by Rs 2.25 per litre.

By: | New Delhi | Updated: February 4, 2015 9:35 AM
Petrol price, Petrol price cut, Diesel price, Diesel price cut, petrol price in Delhi

New rates of petrol and diesel will be effective midnight tonight, Indian Oil Corp (IOC), the nation’s largest fuel retailer, announced here.

Ahead of Delhi Assembly elections this Saturday, petrol price was cut today 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 midnight tonight 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.

The latest cut in fuel prices, which are generally revised on 1st and 15th of the month, comes days ahead of February 7 polling for Delhi Assembly, for which BJP is locked in a fierce battle with AAP while Congress is also in the fray.

Even after the price reduction, state fuel retailers are making a margin of Rs 4 a litre on petrol and about Rs 3.6 per litre on diesel which they want to use for recouping inventory losses.

Oil firm buy crude oil at one price but by the time it is processed and turned into fuel – a process that may take up to six weeks, a fall in international rates results in inventory loss, sources said.

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 (ATF) costs Rs 46.51 per litre in Delhi.

New rates of petrol and diesel will be effective midnight tonight, Indian Oil Corp (IOC), the nation’s largest fuel retailer, announced here.

After the price cuts, petrol price is the lowest since September 2010 while diesel is cheapest since March 2013.

In pics: Petrol-Diesel price cut, RBI monetary policy highlights, Working of 3D inkjet printer and more

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 ten 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 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-US 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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Tags: Petrol
  1. Raghav Kapoor
    Feb 3, 2015 at 7:38 pm
    Uber cab help - Those of you facing problems in setting prepaid wallet - 1) Pls download paytm app first 2) Do a minor transaction with Paytm 3) Download Uber app now 4) Uber should automatically show paytm as pre-paid wallet 5) Get free uber credits using promo code - VF78Y in payments section. Enjoy free ride & a fantastic cab service
    Reply
    1. P
      prakash
      Feb 3, 2015 at 7:13 pm
      thank u 'achhe din ayenge' jaroor, leader ho to aiya prakash, shimoga
      Reply

      Go to Top