New Delhi, April 15 (IANS) Petroleum major Indian Oil Corp (IOC) Monday announced reduction in petrol price by Re.1 per litre (excluding VAT) effective midnight Monday-Tuesday.
“Since the last price change, the international prices of petrol have gone down from $119.23 per barrel to $116.61 per barrel,” IOC said in a statement here.
It had thus decided to pass on the benefit to customers, the company said.
The price of petrol was decreased by 85 paise per litre (excluding VAT) on April 3.
Taking into account local taxes, the new price of petrol per litre will be Rs.66.09 in Delhi, Rs.72.88 in Mumbai, Rs.69.08 in Chennai, Rs.73.48 in Kolkata and Rs.72.63 in Bangalore.
According to IOC, it has incurred losses of nearly Rs.500 crore on sale of petrol in the last financial year.