New Delhi, November 15
Public sector oil marketing companies today reduced the prices of petrol by over upto Rs 1.26 per litre following an easing in the prices of crude oil in the international market in recent days.
The prices of diesel, however, remain unchanged.
The new prices will be effective from midnight tonight.
The prices of petrol in Delhi will come down by Rs 1.16 to Rs 37.84 per litre while the decrease in Mumbai will be Rs 1.26 to Rs 43.23 per litre.
The decline in prices of petrol in Kolkata will be Rs 1.21 to cost Rs 40.89 per litre and in Chennai prices will come down by Rs 1.26 to Rs 41.25 per litre.
The diesel prices in Delhi will continue to be Rs 26.28, in Mumbai at Rs 32.83, in Kolkata at Rs 28.72 and in Chennai at Rs 29.30 a litre.
Official sources said prices of petrol had been reduced following a fall in the international prices. Presently, the fall in international crude prices have been factored into lower retail prices of petrol which was at import parity.
The reduced prices in petrol comes barely 10 days after the government announced a major hike in the prices of petrol and diesel by about Rs 2.20 per litre on November 4.
The government had received a lot of flak from all parties across the political spectrum for executing such a steep hike in the prices
of the transport fuels.
Sources said prices of various petroleum products had fallen between $1 to $3 since the time the last upward revision was made in the domestic retail prices of petrol and diesel by Indian oil companies.
Currently, crude prices in the international markets are about 15 per cent lower after it reached a peak of about $ 55 a barrel in last week of October.
This is one of the very few
occasions when the prices have been reduced ever since the administered pricing mechanism (APM) was dismantled, allowing oil companies to fix prices linked to import parity.
