Petrol Price Hiked, Diesel Lowered;

Natural Gas Rate Slashed By 18%

Fuel prices were last revised on September 15, when the price of petrol was hiked by 58 paise per litre
while that of diesel was slashed by 31 paise per litre (excluding state levies).
Written by Sandeep Singh | Last Updated: September 30, 2016 21:25 (IST)

Petrol price was on Friday hiked by 28 paise per litre while diesel rate was lowered by 6 paise per litre (excluding state
levies). Revised rates will take effect from midnight.
"The current level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant increase in
selling price of Petrol and decrease in selling prices of Diesel, the impact of which is being passed on to the consumers
with this price revision," said Indian Oil Corporation, the country's largest fuel retailer.
After this revision, consumers will have to shell out Rs. 64.58 for a litre of petrol in Delhi, and Rs.52.51 for a litre of
diesel, Indian Oil Corp said on its website.
Currently petrol retails at Rs. 64.21 per litre and diesel at Rs. 52.59 a litre in the national capital.
Also, petrol prices in the other major cities will be: Rs. 67.61/litre in Kolkata; Rs. 71.00/litre in Mumbai,
and Rs. 64.13/litre in Chennai. And diesel prices will be: Rs. 54.83/litre in Kolkata; Rs.58.03/litre in Mumbai,
and Rs. 53.98/litre in Chennai.
Fuel prices were last revised on September 15, when the price of petrol was hiked by 58 paise per litre while that of
diesel was slashed by 31 paise per litre.
Petrol and diesel prices are deregulated in India, which means they are linked to market rates.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of
the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding
fortnight.
The rupee staged a resounding comeback after an overnight setback and ended 24 paise higher at 66.61 against the
dollar on Friday. It is up 0.6 per cent since September 15.
"The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored
closely and developing trends of the market will be reflected in future price changes," IOC added.
Earlier in the day, the price of domestically produced natural gas was slashed by 18 per cent in the wake of a slump in
global prices.
The price of natural gas based on gross calorific value has been lowered to $2.5 per million British thermal unit
(mmBtu), with effect from October 1, from the current level of $3.06. The reduction in natural gas prices would mean
lower raw material cost for compressed natural gas (CNG) and natural gas piped to households (PNG), translating into
lower retail prices. (Read more)