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Petrol, diesel prices slashed by 40 paise per litre? Here's what oil companies say

The drop in prices of petrol and diesel was expected as international crude oil prices dropped and have remained stable for some time.

Vani Mehrotra Edited By: Vani Mehrotra @vani_mehrotra New Delhi Updated on: November 01, 2022 12:24 IST
petrol price today, diesel price today, petrol diesel price
Image Source : PTI Petrol, diesel prices have not been slashed, oil companies have confirmed

Highlights

  • On Monday, the IOC had announced that the prices of petrol and diesel will be cut on Tuesday
  • The petrol price on Tuesday stood at Rs 96.72 in Delhi, whereas it was Rs 106.31 in Mumbai
  • In Kolkata, petrol cost Rs 106.03 for a litre

Petrol, diesel prices: With a drop in the prices of 19 kg commercial LPG cylinders, there were hopes that the fuel rates will also be slashed in the country. 

On Monday, the Indian Oil Corporation (IOC) said it would cut down the prices of petrol and diesel. However, on Tuesday, the IOC reversed its decision and said there would be no diesel and petrol price cuts. 

With this, a cut of 40 paise on diesel and petrol rates announced on Monday will not be applicable.

The petrol price on Tuesday stood at Rs 96.72 in Delhi, whereas it was Rs 106.31 in Mumbai. 

In Kolkata, petrol cost Rs 106.03 for a litre, while Chennai residents have to shell out Rs 102.63 for the same.

The drop in prices was expected as international crude oil prices dropped and have remained stable for some time. 

The crude oil price has remained below 95 dollars per barrel for some time now.

As for 19 kg commercial LPG cylinders, the revised prices were announced by the IOC on Tuesday. 

The price of a 19 kg commercial cylinder of Indane was cut by Rs 115.5 in Delhi, Rs 113 in Kolkata, Rs 115.5 in Mumbai and Rs 116.5 in Chennai. 

The revised prices came into effect today. 

IOC reports first-ever back-to-back quarterly loss despite booking LPG subsidy received in Oct

On Saturday, the IOC reported a net loss of Rs 272.35 crore for July-September despite booking over Rs 10,800 crore of LPG subsidy it received from the government after the quarter ended.

The net loss of Rs 272.35 crore compares to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges.

The decline comes on the back of a Rs 1,992.53 crore loss incurred in the previous April-June quarter.

This was the first time that IOC has booked losses in two straight quarters - all because it sold petrol, diesel and cooking gas (LPG) at rates below cost.

The loss in the second quarter of the current fiscal was despite accounting for Rs 10,801 crore of one-time grant that the government had announced on October 12.

Government on October 12 extended a one-time grant of Rs 22,000 crore to three state-owned fuel retailers to cover the losses they incurred on selling domestic cooking gas LPG below cost in two years starting June 2020.

Also Read | Delhi government asks petrol pumps to tank-up vehicles 'only with PUC certificates'

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