Petrol prices fall by Rs 4
In Bangalore, petrol will be cheaper by Rs 4 a litre as the prices have dropped from Rs 83.35 to Rs 79.35. However, the prices of diesel have gone from Rs 56.10 to Rs 57.08, an increase of 98 paise. Even the domestic LPG will be costlier by Rs 2.50 a cylinder with the revised price being Rs 421.50.
The cut in petrol price has been the first since May 1 when it was slashed by Rs 3 per litre. Since June, petrol prices have been raised seven times, totalling Rs 10.80 per litre, excluding VAT.
“The decrease in petrol prices has now become feasible because of reduction of motor spirit prices from about $117 per barrel to about $113 and appreciation of rupee against dollar from about Rs 66 to a dollar to about Rs 63,” the Indian Oil Corporation (IOC) said in a statement.
Reproduced from Deccan Herald