State-run OMC cuts diesel, petrol prices for third time in July

State-run OMC cuts diesel, petrol prices for third time in July

 

   MUMBAI, AUG 1: The government-run oil marketing companies late Friday cut the retail prices of petrol and diesel for the third time this month by Rs 2.43 per litre and Rs 3.60 per litre, respectively, effective from Saturday.

  After the cut, petrol prices in Delhi will become Rs 64.47 per litre, down from Rs 66.90 per litre. The new diesel price will be Rs 46.12 per litre compared with previous rate of Rs 49.72 per litre.

  On July 16, the base diesel and petrol prices were reduced by Rs 2 per litre, although some states including Delhi raised local taxes, which nullified this reduction.

  "Since last price change, there has been a decrease in international prices of both Petrol and Diesel. USD/INR exchange rate has, however, depreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," a statement by the Indian Oil Corporation Ltd (IOCL) said late Friday evening.  

   "The movement of prices in international oil market and USD/INR exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the statement added.

  IOCL also said that prices of non-subsidised LPG cylinders (14.2kg) in Delhi have been reduced to Rs 585 from Rs 608.50 per cylinder, a cut of Rs 23.50 per cylinder. The price of subsidised LPG will, however, remain the same.

  State-owned fuel retailers viz IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and dollar/rupee exchange rate in the previous fortnight.