Petrol price cut by Rs 1.15 a litre; diesel hiked by 50 paise

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Hike diesel price by Rs.5 a litreNEW DELHI: petrol is cheaper by Rs 1.38 per l however diesel is costlier by fifty six paise per l in city from Friday due to strengthening of the rupee against the dollar and softer international gasolene rates. this is the second time that petrol costs have fallen in a month, giving consumers a breather on the eve of Diwali after 9 successive value hikes in the fuel.

On October 1, oil corporations had cut gas rates by Rs 3.66 a l in New Delhi after a sharp fall in international costs. though state oil marketing companies have raised diesel prices by fifty six paise, they’re still losing Rs 9.58 per l revenue on the fuel, an Indian Oil Corporation executive said. In January this year, the govt allowed state fuel retailers to raise diesel prices in small doses monthly till pump costs are aligned with market rates.

Petrol price cutting by Rs 1.15 a litre; diesel hiked by 50 paiseNormally, companies exercised the limited pricing freedom with tacit understanding of the petroleum ministry monthly. But, it had skipped the hike in April due to political issues and sharply raised its rates by Rs 1 a l in may.

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