Petrol price to be cut by 1 rupee, But diesel up
Posted on: 27/Mar/2014 10:40:05 AM
Petrol price is likely to be cut by over one rupee a litre early next week as appreciation in value of rupee against US dollar and fall in global oil rates has made imports cheaper.
However, diesel rates will go up by 50 paisa per litre in line with the practice of raising prices by small quantum every month to wipe away subsidy on the fuel. State owned oil firms are due to announce revised petrol and diesel prices on March 31.
“Rupee has appreciated to Rs 60.50 to a US dollar from Rs 61.44 and simultaneously international gasoline rates have dipped from $118.09 per barrel to $115.73. The win factors will lead to a reduction in petrol price on Monday,” reports said.
