Petrol Price Cut by Rs 2.46 Per Litre, Karnataka to Decide After Centre's Move
New Delhi, Jun 28 (PTI): In a relief to inflation-battered common man, petrol price was today cut by Rs 2.46 per litre, the second reduction this month.
Petrol price in Delhi will cost Rs 67.78 per litre with effect from midnight tonight as compared to Rs 70.24 a litre rate now, state-owned oil companies announced today.
The reduction in rates follows a Rs 2.02 a litre cut in prices from June 3. The two price cuts have wiped out more than half of the massive Rs 7.54 per litre increase in rates, the biggest in the history, effected last month.
Even after today's reduction, there exists a scope for cutting rates by a further Re 1 per litre as current revision was done at average international oil rate in the first fortnight of June. Global oil prices have fallen by 8 per cent since then.
In Mumbai, petrol price has been cut by Rs 3.10 to Rs 73.35 per litre, while it will cost Rs 72.74 a litre in Kolkata from tomorrow compared to Rs 75.81 per litre currently. Chennai saw a Rs 3.07 per litre cut in price to Rs 72.74 a litre.
State-owned oil firms abandoned the practice of revising rates of petrol on 1st and 16th of every month and from now on will now do so on a random date so as to deter petrol pump dealers building positions.
Petrol pumps at some places run dry as owners stop taking supplies from companies if a reduction in price is anticipated. Similarly, if an increase in rate is expected, pump dealers start hoarding supplies.
Indian Oil Corp, the nation's largest fuel retailer, said the three oil firms are projected to lose a record Rs 151,000 crore in revenue on sale of diesel, domestic LPG and kerosene, whose rates have not been revised in past one year.
Karnataka to decide on petrol price reduction after Centre’s move
From Our Special Correspondent
Daijiworld Media Network - Bangalore
Bangalore, Jun 28: Karnataka Chief Minister D V Sadananda Gowda said the State Government would decide on its stand on reducing the tax levies on petrol prices in the State after knowing the Centre’s move in slashing the prices on petroleum prices following the sharp fall in international crude prices.
The Chief Minister, who addressed the media in the afternoon before knowing the Centre’s decision on lowering the prices of petrol, said the Government had already studied the issue but had kept the decision pending awaiting the Centre’s response.
''I know I had promised to bring down the prices of petrol after the Union Government hiked the prices by Rs 7.50 per litre recently. But we will take an appropriate decision on the timing and quantum of reduction,” he said.
He pointed out that he had already announced the Government’s decision on marginally reducing the prices of diesel by Rs 1.29 per litre.
Answering questions, he said the State Government would take a decision on appointing the Lokayukta only after the Supreme Court gives its verdict on the appeal filed by the State Government on consultations required during the process of appointment of the Lokayukta.
The Karnataka High Court had quashed the appointment of former High Court Judge Chandrashekaraiah as the Upa Lokayukta on the ground that Chief Justice of the High Court was not consulted while appointing the Upa Lokayukta.
“The appointment of Lokayukta will be taken up on a priority basis soon after the Apex Court delivers its verdict on the appeal field by us”, Gowda told reporters after releasing a progress report of the four-year rule of the BJP government.
The post of the Karnataka Lokayutka remained vacant after V Shivraj Patil tendered resignation over a housing site allotment controversy in September last.