New Delhi, (IANS) India’s oil marketing companies have decided to cut back petrol prices by Rs.2.46 a litre with effect from midnight, it was announced here Thursday.
“The downward revision shall vary from Rs.2.46 per litre to Rs.3.22 per litre including state levies, depending upon the state taxes,” Indian Oil Corp. (IOC) said in the statement.
In Delhi, the price decrease will be Rs.2.46 per litre.
The decrease in other states would vary depending upon the respective rates of state VAT or sales tax.
In Delhi, the revised price for a litre of petrol would be Rs.67.78, in Mumbai it would be Rs.73.35 while in Chennai it would be Rs.72.27.
The revised price in Kolkata, Hyderabad and Bangalore will be Rs.72.74, Rs.74.89 and Rs.76.39 a litre.
The statement said that during the current financial year, IOC has already accumulated losses of Rs.1,053 crore on petrol sales during the first two months.
The current under-recovery on high speed diesel had gone up from Rs.6.13 a litre to Rs.10.20 a litre, on kerosene from Rs.24.16 a litre to Rs.30.53 a litre and on cooking gas from Rs.331.13 a cylinder to Rs.396.00 a cylinder as on June 16, it said.
At these rates, it was estimated that the under-recovery on sale of these products during 2012-13 shall be around Rs.83,000 crore.