New Delhi: India’s three oil marketing companies (OMCs) have decided to reduce petrol prices by a minimum of Rs 2.46 a litre, depending on states’ sales taxes, from midnight, it was announced on Thursday.
“The downward revision shall vary from Rs 2.46 per litre to Rs 3.22 per litre including state levies, depending upon the state taxes,” IOC said in the statement.
The decrease in other states would vary depending upon the respective rates of state VAT or sales tax.
In Delhi, the revised price for a litre of petrol would be Rs 67.78, in Mumbai it would be Rs 73.35 while in Chennai it would be Rs 72.27. The revised price in Kolkata, Hyderabad and Bangalore will be Rs 72.74, Rs 74.89 and Rs 76.39 a litre.
On June 2, the three OMCs cut petrol prices by Rs 1.68 a litre.
The three OMCs – IOC, Bharat Petroleum Corp. and Hindustan Petroleum Corp. – raised petrol rates by Rs.6.28 a litre, excluding state taxes, the steepest hike in recent memory, to offset the growing losses caused by subsidised rates, rise in the international oil price and a plunging rupee. (IANS)