IOC cuts petrol prices by Rs 1.20 per litre from Tuesday

State-run Indian Oil Corp ( IOCBSE 1.36 %) has decided to cut petrol prices by Rs 1.20 per litre from Tuesday. 

This is the second reduction in petrol rates this month. The prices of petrol was decreased by Rs 1.02/litre on April 3, the company said in a statement. 

""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 said 

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)