New Delhi, Oct 8: Indian Oil on Monday declared a 56-paisa cut in petrol prices effective from midnight today. The reduction came in the wake of appreciation of rupee against the US dollar, which helped the oil firms make profit.
Indian Oil, a state-owned retailer, said in a release that the rupee-dollar exchange rate was currently showing an appreciating trend. It, however, said that international oil prices remained firm and there was a significant volatility in international oil prices and exchange rates. Indian Oil sources said they would closely monitor trends in the international oil market and the exchange rate and they would influence the future price changes.
In India, petrol is costliest now in Kolkata where a litre costsRs 76.15. In Panjim, it is the cheapestat a price of Rs 57 per litre. In Delhi, the price of petrol is Rs 68.46 per litre of which VAT makes up Rs 10.94.
The price of petrol was last revised on July 24when it was raised by Rs 70 paise. The last reduction in price came on June 3 when the rates were slashed by Rs 2.02 a litre.