Petrol Cheaper By More Than Rs 2/Litre From Independence Day
Advertisement
Advertisement
State-run fuel companies have announced to reduce "Price of petrol will be reduced from midnight of 14/15 August 2014 in the range of Rs 1.89-2.38 (Rs 2.18/litre in Delhi)," Pradhan tweeted around 4pm yesterday. Two-and-a-half-hours later, Indian Oil Corporation announced the reduction.
After the decontrolling of petrol prices in June 2010, state-run fuel retailers have been revising prices on the first and 16th day of every month in accordance with the average international rates of crude and dollar exchange rate. The average is calculated on the basis of rates in the preceding 15 days.
As per this system, the companies were supposed to announce the reduction on August 15 and it would have taken effect August 16. Now, it will come into effect from August 15.
"The minister's tweet pre-empted the oil companies from holding the current price line and book profit for a day at the cost of consumers," a senior oil ministry official said.
Advertisement
Advertisement
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market