News Release Details

IndianOil press release on prics revision
New Delhi   15-Apr-2013

Indian Oil Corporation Ltd. has decided to reduce the  retail selling prices of  Petrol w.e.f midnight of 15th/16th April'13 by Rs. 1.00/litre (excluding VAT) and Rs. 1.20/ litre (including VAT).

Prices of petrol were decreased by Rs. 0.85/litre (excl VAT) and Rs.1.02/litre (incl VAT) w.e.f 3rd April'13. Since last price change, the International prices of petrol have gone down from $ 119.23/bbl to $ 116.61/bbl. INR-USD exchange rate has however deteriorated slightly from Rs 54.28/USD to Rs 54.51/USD during the same period. Thus, it has been decided to pass on the benefit to customers and accordingly the aforesaid reduction in the retail selling price of Petrol is being effected. It may be noted that the Corporation has incurred losses of nearly Rs. 500 Crore (OMCs Rs. 1050 Crore) on sale of petrol in the last financial year.

In addition to losses on sale of petrol, OMCs are suffering under-recovery on sale of HSD (Retail) of Rs. 6.48/litre, SKO (PDS) of Rs.30.49/litre & LPG (Dom) of Rs.433.00/cyl.

The movement in international oil prices and INR-USD exchange rate is being monitored and decision on future price changes shall be taken accordingly.

The details of existing and revised selling prices of petrol for metros are given below:

 

 

New Delhi

Mumbai

Chennai

Kolkata

Hyderabad

Bengaluru

 

Proposed RSP

Rs/litre

66.09

72.88

69.08

73.48

72.14

72.63

Current RSP

Rs/litre

67.29

74.14

70.34

74.72

73.44

73.94

Decrease

Rs/litre

(1.20)

(1.26)

(1.26)

(1.24)

(1.30)

(1.31)