New Delhi, Nov 15: India’s fuel retailers Tuesday cut petrol prices by Rs 1.85 per litre, excluding state taxes and levies, which should make its price cheaper by Rs 2.22 per litre in the national capital, bringing some relief to vehicle owners.
According to official sources, the new prices of petrol in Kashmir valley would be Rs 71.25 per litre against the earlier cost of Rs 73.47 per litre.
The move comes against the backdrop of some allies of the United Progressive Alliance (UPA) government and opposition parties alike criticising the move earlier this month by oil retailers to hike petrol prices by Rs.1.80 per litre.
The last time prices were slashed was in January 2009. "Indian Oil reviews the motor spirit prices on fortnightly basis and based on the review, fixes the prices for the next fortnight. In keeping with this practice, Indian Oil has reviewed the pricing cycle as prevalent in the last fortnight," the company said.
 "The review reveals that at the current prices, there will be an over-recovery of Rs.1.85 per litre. It has, therefore, been decided to revise the MS (motor spirit) prices downward by Rs.1.85 (excluding state taxes and levies) with effect from Nov 16," the company added.

Lastupdate on : Tue, 15 Nov 2011 21:30:00 Makkah time
Lastupdate on : Tue, 15 Nov 2011 18:30:00 GMT
Lastupdate on : Wed, 16 Nov 2011 00:00:00 IST