Kumari Palany & Co

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Petrol price reduced by Re. 0.95 per litre

Posted on: 16/Nov/2012 11:32:06 AM
Indian Oil Corporation (IOC) on Thursday(Nov 15,2012) announced a 95-paise-per-litre cut in the petrol price.

Petrol in Chennai  would cost Rs 70.57 a litre from Friday instead of Rs 71.77 a litre currently.

IOC and other state retailers, Hindustan Petroleum and Bharat Petroleum, lost over Rs 2,000 crore on selling petrol below cost during the first six months of current fiscal. And since the product is deregulated, there will be no subsidy support from the budget to cover these losses.

Besides petrol, fuel retailers sell diesel, domestic LPG and kerosene at heavy losses.

IOC said oil firms were losing Rs 9.84 a litre on diesel, Rs 31.30 a litre on kerosene sold through PDS and Rs 478.50 per 14.2-kg cooking gas cylinder supplied to households.