State oil companies have lowered the rates of petrol and diesel by more than Rs 2 per litre following the fortnightly revision decision to align with the varying international rates and currency movement.
Indian Oil Corp announced that from Tuesday, petrol prices will be lower by Rs 2.16/litre and diesel price will be lower by Rs 2.10/litre. Fuel prices were last revised on April 30 and after completing one fortnight, the prices are revised. The extent of reduction in retail prices of fuel will vary according to state levies. And the actual reduction in price will be more after considering local VAT. For example, the cost of petrol in Delhi will be 65.32 as against Rs 68.09.
Oil marketing companies Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, which own more than 95 per cent of the nearly 58,000 petrol pumps in the country, revise the rates every on the 1st and 16th each month based on global oil prices and the foreign exchange (forex) rate. The current level of international prices and the Rupee-Dollar prices which affects the fuel cost and by implementing the 15-day revisions, the impact is passed on directly to public.
Petrol pumps in five cities – Chandigarh, Jamshedpur, Puducherry District, Udaipur and Vishakhapatnam, have been revising the fuel prices daily in a move aimed at aligning the rates with global crude prices ending the practice of fortnightly revisions. The treat of lowered fuel price may or may not longer than 15 days because the rates will be revised once again on May 31, but until then, a few lesser bucks from your pockets to get a full-fuel-tank.