Petrol prices cut by Rs 2.43 per litre; diesel by Rs 3.60

Zee Media Bureau

New Delhi: Petrol prices were cut by Rs 2.43 per litre and diesel by Rs 3.60, oil marketing companies said on Friday.

This is the third reduction in rates this month. The new rates announced by the oil marketing companies will be effective from midnight tonight.

Petrol in Delhi will cost Rs 64.47 per litre instead of Rs 66.90 at present, while a litre of diesel will cost Rs 46.12 as against Rs 49.72 currently, Indian Oil Corp (IOC) said in a statement.

Petrol and diesel prices were last cut by Rs 2 per litre each, excluding local sales tax, from July 16 but consumers in Delhi were robbed of the benefit as Arvind Kejriwal government raised VAT on the two fuels.

As a result, petrol price in Delhi went up by 28 paise a litre after considering a local government decision to hike VAT or sales tax on the fuel from 20 to 25 percent.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

With Agency Inputs