Breaking the mould of fortnightly revision, market leader Indian Oil Corp (IOC) cut the retail price of petrol by Rs 2.46 to Rs 3.22 a litre from Thursday midnight to “partially” pass on the benefi

New Delhi The sharp fall in petrol prices in Asian markets paved the way for oil marketing companies to reduce petrol prices by R2.46 per litre to R3.22 per litre to provide a much needed relief to consumers. This is the second consecutive price cut by the oil marketing companies — IOC, HPCL and BPCL — after the steepest petrol hike ever on May 24 by R7.54 per litre.

Condemning the Tuticorin Corporation for the unprecedented hike in drinking water charges, cadres of Desiya Murpokku Dravida Kazhagam (DMDK) staged a demonstration near the old corporation office on WGC Road on Wednesday.

Led by N. Shanmugaraja, district president, Tuticorin (South), the cadres demanded the corporation authorities to revoke the new regulation as it would affect the common people. They pointed out that the people cannot afford the threefold increase in the drinking water charges.

Petrol price will come down by 92 paise while cost of diesel will go up by 37 paise from midnight Sunday in the capital, with the Delhi government issuing a notification adjusting the Value Added Tax (VAT) on the two fuels.

Petrol will cost Rs. 70.24 per litre from current Rs. 71.16 per litre and diesel will cost Rs. 41.28 per litre as against the current rate of Rs. 40.91.

New Delhi: State-run oil marketing companies on Friday slashed jet fuel prices by some 5% in line with international markets, but decided to watch the rupee’s movement against the greenback before

Mumbai:Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut the prices by up to Rs 2 per litre on Friday due to international crude prices declining.

SHILLONG: Petrol prices in Meghalaya would become cheaper by Rs 1.05 per litre from Friday after the State Cabinet decided not to charge Value Added Tax (VAT) on the price of petrol which was recently hiked.

Announcing this on Wednesday, Chief Minister Dr Mukul Sangma said, “The exemption of VAT would be applicable only on the recent hike of Rs 5.48.” Petrol prices were hiked by Rs 7.50 on May 23, but following widespread protests, the Government brought down the price by Rs 2.02.

The Competition Commission of India (CCI) has questioned the coordinated pricing strategy of state-owned oil marketing companies (OMCs). It plans to write to these companies over the matter soon.

“The coordinated approach of OMCs is not only impacting consumer interest, it is also likely to create entry barriers for private players in the sector. We will write to them about it soon,” a senior CCI official told Business Standard.

Writes to Pranab on the revenue being lost in not doing so, wants steep levy

The government is planning to compensate the subsidy on diesel by taxing cars fuelled by it. Petroleum Minister S Jaipal Reddy has recommended a steep Rs 2,55,000 additional tax on large and medium diesel cars and Rs 1,70,000 on small diesel cars. In a letter to Finance Minister Pranab Mukherjee, he has said the government was earning Rs 12.72 less in excise duty on diesel compared to petrol, which attracts Rs 14.78 a litre in excise duty. Besides, Rs 12.53 is the under-recovery on sale of a litre of diesel.

A firm decision will improve the health of OMCs, government finances and rural citizens who use kerosene