Agencies, New Delhi With international gasoline prices softening, state-owned Indian Oil Corporation Ltd(IOC) has announced reduction by Rs two per litre in the retail selling price of petrol. The prices of petrol were increased by Rs 1.40 per litre, excluding VAT, on March 2.
International gasoline (petrol) prices have come down by more than three dollars a barrel in the last fortnight. After the revision, fuel will cost Rs 68.34 a litre in Delhi, Rs 75.14 a litre in Mumbai, Rs 71.41 a litre in Chennai, Rs 75.84 a litre in Kolkata, Rs 74.59 a litre in Hyderabad and Rs 75.26 a litre in Bangalore, official sources said here. The sources said the oil marketing company took into account the rupee-dollar parity before deciding on the price reduction of petrol.
The Indian currency has gained marginally at Rs 54.44 on March 14 from Rs 54.48 on March 1 against the US dollar, according to data from the Reserve Bank of India. As per Petroleum Ministry data, the Singapore benchmark FOB (freight on board) price of petrol fell to 120.43 dollars a barrel on March 13 from 123.54 dollars a barrel on March 1.