OREANDA-NEWS. Indian Oil Corporation Ltd. has decided to reduce the retail selling prices of Petrol w.e.f midnight of 1st/ 2nd April'13 by Rs. 0.85/ litre (excluding VAT).

Prices of petrol were decreased by Rs.2.00/litre (excl VAT) w.e.f 16th March'13. Since last price change the International prices of petrol have gone down from USD 122.74/ bbl to USD 119.23/ bbl. INR-USD exchange rate has also declined marginally from Rs. 54.40 to Rs. 54.28 during the same period. Following this, it has been decided to pass on the benefit to customers and accordingly the aforesaid reduction in the retail selling price of Petrol is being effected. It may be noted that the Corporation has incurred losses of nearly Rs. 500 Crore (OMCs Rs. 1150 Crore) on sale of petrol in the financial year 2012-13.

In addition to losses on sale of petrol, OMCs are suffering under-recovery on sale of HSD (Retail) of Rs. 6.52/litre, SKO (PDS) of Rs.30.49/litre & LPG (Dom) of Rs.434.50/cyl.

The movement in international oil prices and INR-USD exchange rate is being monitored and decision on future price changes shall be taken accordingly.

The details of existing and revised selling prices of petrol for metros are given below: