Lanka IOC reduced fuel price

Petrol station fuel pump nozzles

Petrol station fuel pump nozzles

Petrol price was cut by 19 paise a litre and diesel by 11 paise, according to the price notification of state-owned oil firms.

The prices of petrol and diesel stand at Rs 79.18 per litre (decrease by Rs 0.19) and Rs 73.64 per litre (decrease by Rs 0.14) respectively in Delhi.

Oil marketing companies on Friday reduced petrol and diesel prices across the country. In Chennai, petrol and diesel was retailing at Rs 82.06 and Rs 77.73 respectively.

Fuel prices have been declining since early October as oil companies factored in softening of global rates.

This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. "That is the reason we took some burden on us", he said. But beginning October 18, global oil prices have been falling and the rupee has also appreciated against the United States dollar which pulled the fuel rates down. "Although, global oil prices came down during the current month but due to substantial depreciation of Sri Lankan rupee, there is no significant reduction in cost of petrol and diesel", their statement said. Today, petrol in Noida was sold at Rs 77.14 and diesel was sold at Rs 71.80.

Williams also called on all retailers, including smaller independent fuel stations, as well as big supermarkets, to cut their petrol prices by 3p per litre, pointing out that a strengthening currency meant more reductions could be on their way.

In Mumbai, petrol had hit a peak of Rs 91.34 on October 4 and diesel was sold at a record high of Rs 80.10.

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