- LATEST
- WEBSTORY
- TRENDING
BUSINESS
Petrol price cut by 65 paisa, diesel rate to wait for PM Narendra Modi's return
Updated : Mar 19, 2018, 05:24 AM IST
)
TRENDING NOW
)
Meet Dongre Archit Parag who secured AIR 3 in UPSC CSE Final 2024 in 2nd attempt, engineer who quit job for UPSC, had got AIR 153 last year, he is from...
)
PAN-Aadhaar Link Deadline 2025 Extended: Process to Link PAN-Aadhaar Without Penalty & Avoid PAN Deactivation
)
Meet IIT-JEE topper with AIR 1, scored 300/300 in JEE Mains 2025, father is civil service officer, mother took 3 year break for him due to..., he is...
)
Mukesh Ambani to setup new Campa Cola bottling plant in..., to invest Rs...
)
Ratan Tata's TCS earns Rs 24114 crore in just 72 hours amid delay in annual salary hikes
)
Infosys co-founder Narayana Murthy visited this famous South Indian restaurant in..., its founder is...
)
Big blow to MS Dhoni in middle of IPL 2025 as CSK skipper set to face huge loss of money due to....
)
Meet man who cracked AIIMS at 16, became IAS at 22, quit civil services to build Rs 28520 crore ed-tech empire, now he is...
)
Bad news for employees of this company as many to be sacked due to..., not Google, Ratan Tata's TCS, Narayana Murthy's Infosys, Microsoft, name is..
)
Meet Shakti Dubey who secured AIR 1 in UPSC Civil Services 2024 Final, she is from...
)
Meet Harshita Goyal, who started as a CA, now secured AIR 2 in UPSC Civil Services 2024 Final
)
This was reason for bitter dispute between Mukesh Ambani and Anil Ambani leading to splitting of Dhirubhai Ambani's Reliance business empire
)
Step inside Dev Anand's iconic bungalow, first celeb home in Juhu that will be demolished for 22-floor tower, has been sold for Rs...
)
Mumbai to Goa in 6 hours as this highway will cut travel time between these two cities, project set to be competed by...
)
This country has fourth largest gold reserves in the world, but does not have a single gold mine, it is..., not UAE, Iran, US, South Africa
Petrol price was today cut by 54 paisa a litre, but the first reduction in diesel rates in over five years was put off until the return of Prime Minister Narendra Modi from the US. State-owned oil firms, which skipped raising rates on September 16 even though their cost had gone up, cut prices in view of the downward trend in international markets. Petrol price was reduced by 54 paisa a litre without including local sales tax or VAT, with effect from midnight on Tuesday.
After accounting for the incidence of local sales tax, petrol rate in Delhi was reduced by 65 paisa to Rs 67.86 per litre, according to Indian Oil Corp (IOC), the nation's largest fuel retailer. In Mumbai, petrol price was cut by 68 paisa to Rs 75.73 per litre. Petrol price was last cut by Rs 1.50 a litre, excluding state levies, on August 31. That reduction in Delhi came to Rs 1.82 per litre. Alongside, the price of non-subsidised 14.2-kg cooking gas LPG cylinder, which consumer buy after exhausting their quota of 12 subsidised bottles in a year, was cut by Rs 21 to Rs 880 in Delhi.
However, a reduction diesel rates, the first since January 2009, was put off till Modi's return from the US as the Oil Ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month. Petrol price was cut as it is a deregulated product needing no government intervention. Softening international oil rates has meant that diesel under-recovery or the difference between retail price and its imported cost was wiped out and there was an over-recovery of 35 paise a litre from September 16. This over-recovery is now about Re 1 a litre.
Oil Minister Dharmendra Pradhan is believed to have already written to Modi on the emerging scenario. Also, the ministry has written to the Election Commission seeking their concurrence for the price decrease in view of state assembly elections in Maharashtra and Haryana. A decision will be taken after Modi's return, they said.
