India’s petrol price cut by 74 paisa, diesel Rs 1.30 a litre | 2016-04-17 |

India’s petrol price cut by 74 paisa, diesel Rs 1.30 a litre

Gold, silver climb on global cues, seasonal buying

17 April, 2016 12:00 AM printer

New Delhi: Petrol price was on Friday cut by Rs 0.74 per litre and diesel by Rs 1.30, reversing the 2-month trend of rising rates.
Petrol in Delhi will cost Rs 61.13 per litre from midnight tonight as against Rs 61.87 currently, said Indian Oil Corp (IOC), the nation’s largest fuel retailer, reports PTI.
Similarly, a litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present.
The reduction comes on back of two straight increases in petrol prices - Rs 3.07 a litre on March 17 and Rs 2.19 per litre on April 4, and four straight hikes in diesel prices. Diesel price was last hiked on April 4 by Rs 0.98 a litre and three previous increases totaled Rs 3.65 per litre.
“The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant decrease in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said.
State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight.
“The movement of prices in the international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the company added.
Meanwhile Gold prices surged by Rs 180 to Rs 29,430 per ten grams at the bullion market, tracking a firm global trend and pick up in buying by jewellers and retailers amid wedding season demand.
Silver also edged up by Rs 50 to Rs 38,700 per kg on higher demand from industrial units and coin makers.
Traders said that besides firming trend in bullion rates overseas, there was rise in demand by jewellers and retailers in the domestic market largely on account of weddings.
Globally, gold rose 0.7 per cent to USD 1,234.60 an ounce in New York in yesterday’s trade as disappointing US economic data revived safe-haven demand.
In the national capital, gold of 99.9 and 99.5 per cent purity strengthened by Rs 180 each to Rs 29,430 and Rs 29,280 per ten grams respectively.
Sovereign, however, traded lower by Rs 100 to Rs 23,000 per piece of eight gram.
In a similar fashion, silver ready rose by Rs 50 to Rs 38,700 per kg, while weekly-based delivery declined by Rs 55 to Rs 38,505 per kg.
On the other hand, silver coins traded at previous level of Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.