Petrol price cut by Rs1.15/ litre, diesel hiked by 50 paise a litre

New Delhi – Petrol price on Thursday was cut by Rs. 1.15 per litre, while diesel rate was hiked by 50 paise a litre, both excluding of local state levies. The revised rates will come into effect from midnight tonight.

This is the second reduction in as many months in petrol prices. On September 30, petrol price was cut by Rs. 3.05 per litre, which was the first reduction in rates in over five months and the steepest in over five years.

Petrol prices have been slashed owing to softening of global oil prices and appreciation of the rupee.

Even after today’s increase in diesel prices, the oil marketing companies are suffering a loss of nearly Rs. 10 per litre on selling the fuel at subsidised rates. In addition, the oil companies are losing Rs.35.77 per litre on kerosene and Rs. 482.50 on each subsidised LPG cylinder.

For the current fiscal, oil companies expect to suffer a loss of Rs. 1,35,900 crore on selling petro products at subsidised rates.