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Petrol price slashed, diesel price hiked

India Blooms News Service | | Aug 01, 2014, at 01:27 am

New Delhi, July 31 (IBNS): State-run oil company Indian Oil Corporation (IOC) on Thursday said petrol prices would be slashed by Rs 1.09 per litre while diesel prices would go up by 50 paise per litre.

The new prices will come to effect from Thursday midnight.

"During the past fortnight, Petrol prices have showed a downward trend while the INR-USD rate has slightly depreciated. The combined impact of these two factors warrants a decrease in RSP of MS by Rs. 1.09/litre at Delhi, (inclusive VAT) with corresponding decrease in other states," the IOC said in a statement.

For the same reason, the selling price of bulk diesel has been cut by 72 paise per litre.

Besides, rates of non-subsidised LPG cylinders has been reduced by Rs. 2.50 per 14.2-kg cylinder.

The rate of LPG commercial cylinder has also been reduced by Rs. 4 for a 19-kg cylinder.

In case of diesel, the IOC announced a increase of 50 paise, excluding local levies. After including local levies, the hike came to 56 paise per litre in Delhi.

#Petrol price slashed # Diesel price hiked

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