Petrol will be cheaper by about Re. 1 a litre effective from tonight. Petrol in Chennai and Mumbai will cost Rs 1.20 a litre less, while in Kolkata, it will be less by Rs 1.19 a litre. In Bangalore and Hyderabad, it will be lower by Rs 1.25 a litre, respectively.
In Delhi, it is lower by 95 paise a litre, as per Indian Oil Corporation statement. As per IOC, oil firms are losing Rs 9.84 a litre on diesel, Rs 31.30 a litre on kerosene sold through PDS and Rs 478.50 per 14.2-kg cooking gas cylinder supplied to households.
It projects the under-recovery (revenue loss) on these products to cross Rs 160,000 crore for the current year.