Tuesday, October 09, 2012
By Manoj Kumawat
Petrol prices slashed by 56 paisa per liter
With value of rupee surging upwards in comparison to Dollar in the international market, the government of India has slashed the prices of petrol by Rs 0.56. The new prices have come into effect from last midnight. A slight cut in the petrol prices was expected in the starting of this month with rupee strengthening against dollar.
As compared to the earlier prices of Rs 68.46 a litre, the petrol will now be available at Rs 67.90 per litre in the National Capital. The similar price reduction will be applied by the other two state fuel retailers Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL), with a 1 or 2 paisa difference in price.
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The new petrol prices in the four metros as follows - Delhi: Rs. 67.90 per litre; Kolkata: Rs. 75.44 per litre; Mumbai: Rs. 74.43 per litre; Chennai: Rs. 71.48 per litre. The last hike in the petrol prices was of Rs 0.70 on 24th June. It is to be mentioned here that the prices of petrol have been volatile since last few years with government hiking its prices for a number of times. On the other hand, diesel has been kept subsidized, which has caused in a substantial gap between the price of petrol and diesel. This resulted in a major shift of buyers towards diesel variants of cars, subsequently raising demand for diesel run cars.
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Any hike in the petrol prices directly affects the small car segment where most of the cars are available in petrol version only. The small car segment currently accounts for about 70 percent total car sales in India and the top selling cars like Maruti Alto, Maruti Wagon R, and Hyundai i10 are available in only petrol versions.