SRINAGAR: Petrol price has been slashed by Rs 3 per litre, the steepest reduction in rates in over five years.
In Kashmir petrol will cost Rs 68. 2 approximately from this midnight.
Rates will vary from city to city depending on local sales tax or VAT.
Today’s price cut comes after three consecutive rate reductions on the back of falling international oil prices.
On March 16, the rates were cut by Rs 2.40 per litre and by Re 1 in the following fortnight.
The price cut announced Tuesday is the steepest since December 2008 when rates were slashed by Rs 5 to Rs 45.62 per litre.
Announcing the reduction, Indian Oil Corp (IOC), the nation’s largest fuel retailer, said that since the last price change, international prices have declined from USD 116.61 per barrel to USD 107 a barrel, the Press Trust of India reports.
Rupee-US dollar exchange rate too improved from Rs 54.51 to a US dollar to Rs 54.26.
“Thus, 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 affected,” an IOC statement said.
