The daily Indian commuters and automobile users heaved a sigh of relief as the State-owned oil marketing companies slashed petrol prices by almost Re. 1 (95 p) per litre (excluding state levies), which has been put into effect since November 15, 2012 midnight. The announcement came through the country's largest public sector oil marketing firm – Indian Oil Corporation Limited (IOCL).
Accordingly, the latest cutback in petrol price makes the fuel available to local population of National Capital - New Delhi and Mumbai at retail values of Rs. 67.24 and Rs. 73.53, respectively. Further, consumers of Chennai, Kolkata, Hyderabad and Bangalore can fill their fuel tanks with petrol at costs of Rs. 70.57, Rs. 74.55, Rs. 73.73 and Rs. 74.22, in the order of their mention.
Commenting on latest development regarding petrol prices in the country, Indian Oil said, “Presently, international oil prices are relatively stable. However, there has been significant volatility in the rupee/dollar exchange rate and is currently very weak with uncertainty in its future direction.” The company further added that it will continue to monitor prevalent market trends and consumption statistics, which will be reflected in future price revisions.
The 95 paise slash in petrol price is the country's second revision in less than a month, when on October 27, 2012, Indian government raised the fuel's retail value by 29 paise. In the first half of November 2012, R. S. Butola, Chairman, Indian Oil, said, “There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked) giving us some margins (on petrol). But they have moved up again in the last few days.”
