Petrol Price Cut by Rs 2.46 Per Litre, Scope for Further Reduction


Petrol Price Cut by Rs 2.46 Per Litre, Karnataka to Decide After Centre's Move

New Delhi, Jun 28 (PTI): In a relief to inflation-battered common man, petrol price was today cut by Rs 2.46 per litre, the second reduction this month.

Petrol price in Delhi will cost Rs 67.78 per litre with effect from midnight tonight as compared to Rs 70.24 a litre rate now, state-owned oil companies announced today.

The reduction in rates follows a Rs 2.02 a litre cut in prices from June 3. The two price cuts have wiped out more than half of the massive Rs 7.54 per litre increase in rates, the biggest in the history, effected last month.

Even after today's reduction, there exists a scope for cutting rates by a further Re 1 per litre as current revision was done at average international oil rate in the first fortnight of June. Global oil prices have fallen by 8 per cent since then.

In Mumbai, petrol price has been cut by Rs 3.10 to Rs 73.35 per litre, while it will cost Rs 72.74 a litre in Kolkata from tomorrow compared to Rs 75.81 per litre currently. Chennai saw a Rs 3.07 per litre cut in price to Rs 72.74 a litre.

State-owned oil firms abandoned the practice of revising rates of petrol on 1st and 16th of every month and from now on will now do so on a random date so as to deter petrol pump dealers building positions.

Petrol pumps at some places run dry as owners stop taking supplies from companies if a reduction in price is anticipated. Similarly, if an increase in rate is expected, pump dealers start hoarding supplies.

Indian Oil Corp, the nation's largest fuel retailer, said the three oil firms are projected to lose a record Rs 151,000 crore in revenue on sale of diesel, domestic LPG and kerosene, whose rates have not been revised in past one year.

 

Karnataka to decide on petrol price reduction after Centre’s move

From Our Special Correspondent
Daijiworld Media Network - Bangalore

Bangalore, Jun 28: Karnataka Chief Minister D V Sadananda Gowda said the State Government would decide on its stand on reducing the tax levies on petrol prices in the State after knowing the Centre’s move in slashing the prices on petroleum prices following the sharp fall in international crude prices.

The Chief Minister, who addressed the media in the afternoon before knowing the Centre’s decision on lowering the prices of petrol, said the Government had already studied the issue but had kept the decision pending awaiting the Centre’s response.

''I know I had promised to bring down the prices of petrol after the Union Government hiked the prices by Rs 7.50 per litre recently. But we will take an appropriate decision on the timing and quantum of reduction,” he said.

He pointed out that he had already announced the Government’s decision on marginally reducing the prices of diesel by Rs 1.29 per litre.

Answering questions, he said the State Government would take a decision on appointing the Lokayukta only after the Supreme Court gives its verdict on the appeal filed by the State Government on consultations required during the process of appointment of the Lokayukta.

The Karnataka High Court had quashed the appointment of former High Court Judge Chandrashekaraiah as the Upa Lokayukta on the ground that Chief Justice of the High Court was not consulted while appointing the Upa Lokayukta.

“The appointment of Lokayukta will be taken up on a priority basis soon after the Apex Court delivers its verdict on the appeal field by us”, Gowda told reporters after releasing a progress report of the four-year rule of the BJP government.

The post of the Karnataka Lokayutka remained vacant after V Shivraj Patil tendered resignation over a housing site allotment controversy in September last.

  

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Comment on this article

  • frank, tulu Nadu state of India

    Sat, Jun 30 2012

    In karnataka, higher taxes are levied than in most other states in India and most of the tax collections are used for corruption. Hence it is imperative that we Tulu Nadu have a separate state of our own

    DisAgree [1] Agree [2] Reply Report Abuse

  • Simon Lobo, Mangalore

    Sat, Jun 30 2012


    Nagesh Mamu,

    Tried my best not to comment. I could not resist further to reply for your comment below:

    "IN KARNATAKA PRICE WAS REDUCED BY RS. 3.42 PER LITRE WHICH IS HIGHEST IN IDNIA"

    First, I am very upset and hurt to see your spelling of India above.

    This is the kind of person you are with no respect to your motherland. Please take a moment to review your comment before clicking on SUBMIT.

    Second, the price was reduce by rs. 2.46 and reminder is part of the state taxes which is highest in the country. So, it is natural difference between Rs 3.42 and Rs. 2.46 is the state taxes which is and mandated to be reduced proportion to Central directive to reduce petrol price. The petrol price went up last time in the same proportion when increased.

    There is no help here to common people of the state using petrol.



    DisAgree [1] Agree [17] Reply Report Abuse

  • Hareesh Ballal, Advala Beedu, Melleria

    Fri, Jun 29 2012

    It is very good news. Now is good opportunity to People to save the money.

    DisAgree [4] Agree [4] Reply Report Abuse

  • R.Bhandarkar., M

    Fri, Jun 29 2012

    I think the 'priority' for CM Gowda now is his 'High Command's'
    Move!

    DisAgree [1] Agree [10] Reply Report Abuse

  • Melwyn, Pernal

    Fri, Jun 29 2012

    Mr Alban, you are 100% true. Now, along with Mr Dinesh Poojary, (Rakesh, Nagesh, etc..) we need to keep reminding our respected CM to cut down the taxes. As he may be busy with safe gaurding his SEAT :-) LOL ) -)

    DisAgree [1] Agree [14] Reply Report Abuse

  • nagesh nayak, bangalore

    Fri, Jun 29 2012

    IN KARNATAKA PRICE WAS REDUCED BY RS. 3.42 PER LITRE WHICH IS HIGHEST IN IDNIA.

    BJP IS FOR THE COMMON MAN.

    DisAgree [31] Agree [5] Reply Report Abuse

  • S.M. Nawaz Kukkikatte, udupi

    Fri, Jun 29 2012

    Dinesh Poojary, Kundapura/Bengaluru. Now tell your BJP team to cut the state tax of petrol. So petrol price more cheap.

    DisAgree [4] Agree [12] Reply Report Abuse

  • G R PRABHU, BEJAI ,MANGALORE

    Fri, Jun 29 2012

    Just like GOLD rate Petrol rate also fix according to international rate. daily rate basis.

    DisAgree Agree [3] Reply Report Abuse

  • Celine C. Pinto, Mangalore

    Fri, Jun 29 2012

    Good decision taken by Paul D'Souza. Long live Paul D'Souza.

    DisAgree Agree [4] Reply Report Abuse

  • Laxman Poojary, Mangalore

    Fri, Jun 29 2012

    Oil exporting countries are exploiting th situation and selling the oil at very heavy price. Developing countries are suffering due to this high price. United nations should find a solution to this problem by quota system. UN Should buy Oil at the rate of $28 per barrel from oil exporting countries of their 50% out put and sell to the rest of the world for $30 according to quota system as per the size and population of the (oil importing)countries. Oil exporting countries can sell their remaining 50% oil at world market price, that too at 50 t0 60 dollar per barrel.

    DisAgree [4] Agree [9] Reply Report Abuse

  • jeevan, mangalore

    Thu, Jun 28 2012

    Petrol price cut credits goes to BJP workers and UPA is sucking the blood of the poor people.

    DisAgree [11] Agree [3] Reply Report Abuse

  • Sylvester, Mangalore

    Thu, Jun 28 2012

    This time Sadananda Gowda should keep his word and reduced the petrol prices substantially in Karnataka. First he had told he will reduce after the elections to graduate constituency, after elections he told he will reduce if central government reduces and now is the time for him to keep his word. Earlier also for Lokayukta appointment he had told he will do very soon, then he told after Udupi-Chikmangloor elections and after that he told within a fortnight and now after few months the fortnight has yet to end!

    DisAgree [4] Agree [27] Reply Report Abuse

  • alban lewis, Kallianpur/bangalore

    Thu, Jun 28 2012

    Dinesh Poojary,
    you are such well learned person. I take your statement as a fact. What we would have done without this BJP government!!!! I would not have made friendship of Dinesh, Rakesh, Nagesh etc. here. BJP has given us everything we needed, even the the tariff cut on petrol. I think Dinesh Pojary is working for the Petrol section and BJP protesting section, hence the price cut. All because his efforts and mainly BJP. I hope BJP continue in i's present form always. Three Cheers to Dines and BJP. Hip Hip Hooray

    DisAgree [10] Agree [41] Reply Report Abuse

  • paul d`souza, balakunje

    Thu, Jun 28 2012

    3 EDIOTS MOVIE LIKE AAMIR KHANS ZIP...UP.....DOWN,.....UP DOWN.
    I am planing to sell off the vehicle & buy cycle. Good for burning calories. No worries about .....UP....DOWN....!!!

    DisAgree [5] Agree [30] Reply Report Abuse

  • Prasad, Mangalore/W.Africa

    Thu, Jun 28 2012

    Its a joke.Good governance by the UPA GOVT for AAM ADAMI/JANATHA!!!! Any govt corporations or companies incurs huge loss due to the payment and incentives offering to their employees. And of course mismanagement, why not it happens in private sector?

    DisAgree [11] Agree [16] Reply Report Abuse

  • Dinesh Poojary, Kundapura/Bengaluru

    Thu, Jun 28 2012

    Thanks to BJP's protest against price hike on May 31st. UPA has got strong message from BJP.

    DisAgree [127] Agree [23] Reply Report Abuse


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