Oil companies cut petrol, diesel prices

Oil companies cut petrol, diesel prices

Petrol and diesel prices Thursday were reduced for the first time in over two months because of a drop in the cost of production, according to state-owned oil firms.

Petrol price was cut by 21 paise per litre and diesel by 11 paise, a price notification issued by state retailers said. This is the first price cut arising from a drop in international oil prices.

The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre.

The reduction in BJP-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.  Read more

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