A day after Indian Oil Corporation reduced petrol prices, Hindustan Petroleum Corporation Ltd also followed suit. The public sector oil refiner-cum-retailer has made petrol cheaper by 57 paise a litre in Delhi effective Tuesday/Wednesday.

Petrol from HPCL stable in Mumbai will be cheaper by 72 paise a litre, Chennai by 72 paise a litre and Kolkata 71 paise a litre.

The three public sector oil marketing companies (OMCs) have incurred a loss of Rs 2,600 crore approximately on sale of petrol during April-September period of this fiscal due to inability to change retail selling prices to the desired extent in line with market conditions.

(This article was published on October 9, 2012)
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