The oil companies on Friday announced a cut in the petrol price by Rs.2 per litre. This result in an effective resuction of upto Rs. 2.50 per litre. The new petrol rates will be effective from Friday. The oil companies said there is no change in the price of Diesel.
The drop in price of petrol is the consequence of fall in crude oil price in the international market. In Delhi the old petrol price was Rs.70.74. Currently it is dropped to Rs.68.34 per litre.
The petrol price hiked two times last month. Initially it was hiked by Rs.1.50 per litre on February 16 and again there was a rise by Rs. 1.40 per litre on March 2 in the petrol price. Now it has been reduce by Rs.2.50 (Excluding state taxes).
The price of petrol in Chennai is cut down to Rs.71.40 per litre against Rs.73.95 per litre. similarly in Mumbai the petrol price reduced to Rs.75.14 per litre from Rs. 77.66 per litre. In Kolkata the petrol price was Rs.78.34 per litre and now it has been reduced to Rs.75.84 per litre. Meanwhile the Central Government announced that, they are not responsible for the hike and drop of the petrol or diesel price as they had already given the Oil companies the rights to manage the petrol, diesel price.