Almost one week after the UPA Government announced the Rs 7.50 per liter hike in petrol price, petrol will now cost Rs2 per liter cheaper. New Petrol price will be affective from the midnight today.
Meanwhile, state-based oil companies will cut petrol price by Rs 1.68 per litre, excluding taxes. After including 20 per cent VAT on petrol, the reduced in Delhi comes to Rs 2 per litre.
Oil corporations’ decision of hike fuel prices revealed after today’s govt. clarification on decision of duty reduction and subsidy compensation.
A large amount of losses has revised by these State owned oil companies that around Rs 7.65 per litre on petrol sales, after increasing 20 %sales sale tax. While raised rates in Delhi is Rs 9.18 per litre.
Reasoning the retail selling price on fuel for their huge losses that demand hike fuel prices, they have demanded a cut in the Rs 14.35 a litre excise duty on petrol.
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