Indian Oil Marketing Companies (OMCs) have slashed the price of petrol fuel by Rs. 3 per litre with effect from May 1, 2013. The latest cut is the first substantial reduction of petrol price in the country in about a year. This is the fourth slash since March and new rates will vary city to city in India, owing to differences in local sales tax or VAT.
In an official statement, Indian Oil Corporation Limited (IOCL), the country’s largest OMC, revealed that it has reduced retail prices of petrol w.e.f. midnight April 30, 2013 or May 1, 2013 by Rs. 3 per litre (including VAT) in New Delhi.
As per the latest price cut, petrol is being retailed in New Delhi at Rs. 63.09 per litre from April 30, 2013 midnight. The previous petrol price in the National Capital was Rs. 66.09 per litre, and the news would definitely let Delhites heave a sigh of relief. Mumbai’s motor vehicle owners can also rejoice as the local petrol price has been cut by Rs. 3.15 and the fuel now carries a retail value of Rs. 69.73 per litre.
Further, petrol would be retailed at Rs. 70.35 per litre and Rs. 65.90 per litre in Kolkata and Chennai metropolitans from May 1, 2013. Prior to the slash, the petrol price in Kolkata stood at Rs. 73.48 per litre, whereas the same was retailed at Rs. 69.08 per litre in Chennai.
Reportedly, the latest cut in petrol price is a result of three consistent rate reductions caused by falling prices of the crude oil in the international markets. The status of international crude oil prices and foreign exchange (INR-USD) rate are being closely monitored by the Indian OMCs. Accordingly, any future decision on petrol price would depend on the aforementioned factors.