New Delhi: Petrol prices have been slashed by Rs.3 per litre from midnight, state-owned Indian Oil Corporation announced Tuesday.

“Indian Oil Corporation Ltd. has decided to reduce the retail selling prices of petrol w.e.f midnight of 30th April 2013/ 1st May 2013 by Rs.3.00/litre (including VAT) at Delhi,” said an Indian Oil release.

According to British Broadcasting Corporation report, since the last price reduction of Rs.1.20 a litre (including VAT) at Delhi on April 16, international prices of petrol have gone down from around $116 per barrel (159 litres) to around $107 per barrel, while the rupee has also appreciated slightly against the dollar during the same period, IOC said.

“Thus, it has been decided to pass on the benefit to customers,” the statement said.

IOC added that in addition to losses on sale of petrol, state-run oil marketing companies are suffering under-recovery, or loss, of Rs.3.80 per litre on sale of diesel, of Rs.27.93 per litre on PDS kerosene, and of Rs.379 per cylinder on cooking gas.


http://www.punchng.com/business/international-business/india-reduces-petrol-prices/

How much is that in Dollar

And some topic is on FP about how production in nigeria has increased to 10million barrels a day.

What is the point if it does not translate to the comon nigerian? Look at india for crying out loud! Just some changes and the ordinary indian is benefiting from it.

All we see on nairaland is how inflation rates go down, or increase in refined crude in nigeria and some other cheap publicity stunts that never translate and affects the common nigerian.

outrage: And some topic is on FP about how production in nigeria has increased to 10million barrels a day.

What is the point if it does not translate to the comon nigerian? Look at india for crying out loud! Just some changes and the ordinary indian is benefiting from it.

All we see on nairaland is how inflation rates go down, or increase in refined crude in nigeria and some other cheap publicity stunts that never translate and affects the common nigerian.

Its because d govt has learnt dat some nigerians can swallow any lie,no mata d evidence on d ground,so dey tell dem anything,knowing many wud swallow it& those who don't only rant on facebook/nland/twitter& d same rubbish of lies,corruption,nepotism,incompetence& misgovernance continues

www.xe.com will give you the right answer