Petrol cheaper by Rs. 2.22 a litre across India tonight

Petrol cheaper by Rs. 2.22 a litre across India tonight

Mangalore Today / PTI

New Delhi, Nov 15 :  There is finally good news for all of us. After a nationwide outrage over the recent fuel price hike, oil marketing companies have reduced petrol prices by Rs. 2.22 per litre before VAT.

What this means is that in Delhi, petrol will be Rs. 2.25 cheaper per litre from midnight.

 

 

Congress’ spokesperson Janardhan Dwivedi said, "The Congress party welcomes the decision to reduce petrol prices. It will provide relief to the common man."
 
Prices have been raised four times this year, the last two price hikes coming within two months of each other. Petrol prices went up by Rs. 3.14 in September and then by Rs. 1.82 two weeks ago, causing much outrage among people and political parties.
 
Last week, RS Butola, the Chairman of the state-owned Indian Oil Corporation (IOC), India’s largest fuel retailer, said the oil companies would cut petrol prices by today, as long as crude prices continued to fall globally.
 
Mr Butola had said that oil companies were committed to passing on any benefit from lower prices to consumers, even though they had already incurred a loss of around Rs. 2,500 crores  on the sale of petrol this year.
 
Petrol was deregulated or freed from government control in June 2010. This allows oil companies to raise or lower prices in keeping with global market dynamics.