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| Petrol price cut by Rs 2 per litre, diesel by Rs 1 | | |
NEW DELHI, FEB 15
Government today cut retail price of petrol and diesel by Rs 2 and Re 1 per litre respectively, the second cut in two-and-half months, to tame inflation which is at its highest level in more than two years.
"After the reduction, retail selling price in Delhi for petrol will be Rs 42.85 per litre (as against Rs 44.85 now) and Rs 30.25 per litre for diesel (as opposed to Rs 31.25 now)," Petroleum Minister Murli Deora said.
The reduction, which will be effective from midnight tonight, came despite oil firms already losing Rs 1.35 a litre on diesel. After the reduction, the loss would widen to Rs 2.35 per litre.
On petrol, the companies were making Rs 2 a litre profit, and the benefit has now been passed on to consumers.
The move would help curb inflation, which has risen to 6.73 per cent for the week ended February 3 from 6.58 per cent the previous week.
Following today's reduction, and an identical cut announced on November 29, the government has completely rolled back the June 5, 2006 hike of Rs 4 a litre on petrol and Rs 2 per litre in diesel prices.
"UPA chairperson Sonia Gandhi had promised that the hike will be rolled back once crude prices come down. The price of Indian basket of crude oil has fallen by more than 10 dollars per barrel to 56.12 dollars a barrel currently," Deora said.
Deora had, last evening, met Gandhi and followed it up with a late night meeting with Prime Minister Manmohan Singh and Finance Minister P Chidambaram.
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