The cut in petrol prices is because international oil prices have fallen to their lowest level since December 2010.
In a relief to inflation-battered common man, petrol price was today cut by Rs 2.46 per litre, the second reduction this month.
Petrol price in Delhi will cost Rs 67.78 per litre with effect from midnight tonight as compared to Rs 70.24 a litre rate now, state-owned oil companies announced today.
The reduction in rates follows a Rs 2.02 a litre cut in prices from June 3. The two price cuts have wiped out more than half of the massive Rs 7.54 per litre increase in rates, the biggest in the history, effected last month.
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In Mumbai, petrol price has been cut by Rs 3.10 to Rs 73.35 per litre.u00a0
Even after today's reduction, there exists a scope for cutting rates by a further Re 1 per litre as current revision was done at average international oil rate in the first fortnight of June. Global oil prices have fallen by 8 per cent since then.
In Mumbai, petrol price has been cut by Rs 3.10 to Rs 73.35 per litre, while it will cost Rs 72.74 a litre in Kolkata from tomorrow compared to Rs 75.81 per litre currently. Chennai saw a Rs 3.07 per litre cut in price to Rs 72.74 a litre.
State-owned oil firms abandoned the practice of revising rates of petrol on 1st and 16th of every month and from now on will now do so on a random date so as to deter petrol pump dealers building positions.
Petrol pumps at some places run dry as owners stop taking supplies from companies if a reduction in price is anticipated. Similarly, if an increase in rate is expected, pump dealers start hoarding supplies.
Indian Oil Corp, the nation's largest fuel retailer, said the three oil firms are projected to lose a record Rs 151,000 crore in revenue on sale of diesel, domestic LPG and kerosene, whose rates have not been revised in past one year.u00a0
Following are the revised petrol prices in four metros after the second reduction in rates this month. New prices are effective midnight tonight.
City u00a0 u00a0 u00a0 Current Price u00a0 u00a0 u00a0 u00a0 u00a0 Revised Price u00a0 u00a0 u00a0 u00a0 u00a0 Decrease
Delhi u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 70.24 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 67.78 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 2.46
Kolkata u00a0 u00a0 u00a0 u00a0 u00a0 75.81 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 72.74 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 3.07
Mumbai u00a0 u00a0 u00a0 u00a0 u00a076.45 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 73.35 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 3.10
Chennai u00a0 u00a0 u00a0 u00a0 75.40 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 72.27 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 u00a0 3.13u00a0
(All rates in Rs/litre)u00a0
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