India's state-owned oil marketing companies announced a reduction in gasoline/petrol prices on Thursday.
Price of petrol was cut by 2.46 rupees per litre excluding state levies in the capital New Delhi, the Indian Oil Corporation said in a statement. The decrease in other states will vary depending upon the respective rates of State VAT / Sales Tax, the company said. The move is effective from June 28-29 midnight.
This is the second reduction in petrol prices after they were hiked by the steepest ever rate on May 23. The first price cut was on June 3.
Petrol prices were hiked by as much as 11 percent or 6.28 rupees per litre excluding taxes on May 23, the same day the Indian currency breached the crucial 56-mark against the U.S. dollar for the first time.
India deregulated gasoline prices since June 2010. The steep increase created an uproar across the country already reeling under the pressure of high inflation.
The Indian government has deferred hiking diesel and cooking gas prices, which are still under its control. The country's economy grew a less-than-expected 5.3 percent annually in the first quarter, the weakest pace in nine years, mainly due to the weak performance in manufacturing.
by RTT Staff Writer
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