State run, Indian Oil Corporation (IOC) has slashed petrol price by 56 paise to pass on to consumers the benefit of the rupee's growing strength against the dollar in recent times. The fuel will now cost Rs 67.90 a litre at Indian Oil's pumps in Delhi against Rs 68.46 due to higher incidence of state tax while the price in Mumbai will come down by 71 paise to Rs 74.43 a litre and by 70 paise in Kolkata to Rs 75.44 a litre.
Additionally, other two retailers, Bharat Petroleum and Hindustan Petroleum, are expected to follow suit in the next couple of days. Their rates would, however, be different by one or two paise with a view to avoiding cartelization charge.
Meanwhile, the company would further monitor the trends in the international oil market and exchange rate to decide upon future price changes.
