Petrol price cut latest news
Indian Oil Corporation has set to impact the subsequent worth changes w.e.f hour of 16th/ 17th Jan 2015: Decrease in retail price of petrol by Rs.2.42 /litre at Delhi (including state levies) with corresponding decrease in different states. Decrease in Retail price of Diesel (Retail) by Rs. 2.25 /litre at Delhi (including state levies) with corresponding decrease in different states.
The oil vendor aforesaid in an exceedingly statement here
The basic excise duty on the transport fuels, raised for the fourth time in fast succession, would be effective from time of day of January 16 and there would be no modification in different excise duty rates applicable to the transport fuels, the govt. said.
This is the ninth reduction in fuel costs since August and fifth in diesel since October 2014. Nonetheless, the reduction in native costs hasn’t been as steep because the decline in international rock oil costs, part attributable to excise duty hikes.
The price of fuel sold-out at retail pumps square measure reviewed each period of time; however the businesses now had not done that on the maturity Thursday, despite the worldwide rates falling 4% since the last revision, triggering speculations that they’re not keen on sharing the profit with customers.
On Jan 1, the government had increased basic excise duty on petrol and diesel – both branded and unbranded – by Rs.2 a litre.
To make up for fall in taxes because of the sustained decline in international rock oil costs, the govt hiked excise duty by Rs.1.50 a cubic decimetre on each the fuels initial on 12 Nov. Later, on Dec 2, the duty on gasoline was hiked by Rs.2.25 per cubic decimetre and on diesel by Re.1 a litre.