Petrol prices cut by 0.56 paise

Last Updated: Mon, Oct 08, 2012 14:00 hrs

New Delhi, Oct 8 (IANS) State-run oil marketing companies Monday cut petrol prices by Rs.0.56 a litre (excluding state levies in Delhi) effective midnight Monday.

In the national capital, petrol will now cost around Rs.67.90 per litre. The rates will vary from city to city depending on local taxes.

An Indian Oil Corp (IOC) release said: "It has been decided to revise the petrol prices downward by Rs.0.56 per litre (excluding state levies in Delhi) with effect from Oct 9."

It said the cut was decided after taking into consideration the fact that the rupee had been gaining against the dollar although international oil prices continued to remain firm.

"The trends in the international oil market and exchange rate shall be closely monitored and the same shall be reflected in future price changes," IOC said.

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