Lanka IOC reduced fuel price

Woman holding fuel nozzle at petrol station

Woman holding fuel nozzle at petrol stationMore

"However, the company is still incurring losses on sale of petrol and diesel".

The downward slide in petrol and diesel prices continued on Saturday after the rates were cut by 19 and 11 paise a litre respectively in the national capital on softening global oil prices.

The prices of petrol and diesel stand at Rs 79.18 per litre (decrease by Rs 0.19) and Rs 73.64 per litre (decrease by Rs 0.14) respectively in Delhi.

"Every motorist driving a petrol auto should feel aggrieved that the price of a litre stayed the same in October when it should have fallen by more than 3p", he said.

However, the Delhi government had not reduced Value-Added Tax on petrol and diesel.

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According to the revised prices issued by Indian Oil, petrol now costs Rs 78.99 in Delhi, Rs 84.49 in Mumbai, Rs 80.89 in Kolkata and Rs 82.06 in Chennai.

Fuel prices have been declining since early October as oil companies factored in softening of worldwide rates.

Before the price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45.

Amid the spiralling fuel prices, Union Finance Minister Arun Jaitley had on October 4 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre. Due to that petrol and diesel are now cheaper in Noida compared to Delhi.

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