Indian Oil Corporation cuts petrol price by 56 paise per litre

New Delhi: The Indian Oil Corporation (IOC) has cut the price of petrol by 56 paise per litre. The reduction in petrol price has come amid criticism being faced by the UPA government over the hike in diesel prices and cap on subsidised LPG cylinders.

Petrol price was last revised on July 24 when it was raised by 70 paise. It was last cut on June 3 when rates were reduced by Rs 2.02 per litre.

This comes almost a month after the government had hiked the price of diesel by Rs 5 per litre. The move by the government was criticised by opposition parties as well as the allies. The Trinamool Congress even walked out of the ruling coalition over the issue.

Petrol price was last revised by the oil manufacturing companies on July 24 when it was raised by 70 paise.

The government had in September spared an increase in petrol price by cutting excise duty of Rs 5.50 per litre.

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