Petrol Prices Cheaper by Rs 2.46/Liter

India's three oil marketing companies (OMCs) have decided to reduce petrol prices by a minimum of Rs 2.46 a liter, depending on states' sales taxes, from midnight, it was announced on June 28, 2012.

"The downward revision shall vary from Rs 2.46 per liter to Rs 3.22 per liter including state levies, depending upon the state taxes," Indian Oil Corp. (IOC) said in the statement.

In Delhi, the price decrease will be Rs 2.46 per liter.

The decrease in other states would vary depending upon the respective rates of state VAT or sales tax.

In Delhi, the revised price for a liter of petrol would be Rs 67.78, in Mumbai it would be Rs 73.35 while in Chennai it would be Rs 72.27.

The revised price in Kolkata, Hyderabad and Bangalore will be Rs 72.74, Rs 74.89 and Rs 76.39 a liter respectively.

On June 2, the three OMCs cut petrol prices by Rs 1.68 a liter.

The three OMCs — IOC, Bharat Petroleum Corp. and Hindustan Petroleum Corp. — raised petrol rates by Rs 6.28 a liter, excluding state taxes, the steepest hike in recent memory, to offset the growing losses caused by subsidized rates, rise in the international oil price and a plunging rupee.

India imports nearly 80 percent of its crude requirements around $160–170 billion annually.