business

Updated: Aug 31, 2014 02:37 IST

In what may ease some burden on household budgets, state-owned oil firms announced Saturday that petrol prices will be cut by Rs.1.82 a litre (in Delhi) — the third reduction in rates this month. However, diesel prices will be hiked by 50 paise per litre.

From Sunday, petrol in Delhi will cost Rs. 68.51 a litre – the lowest since June last year — as against Rs. 70.33 currently. The price of petrol has fallen by over Rs. 5 a litre (including VAT) in August thanks to downward trends in petrol prices and appreciating value of the rupee against the US dollar. Petrol prices were last cut on August 15 by Rs. 2.18 a litre (Delhi) and on August 1 by Rs. 1.09 a litre (Delhi).

In line with the decision to hike diesel prices till retail rates come on par with its cost, rates were hiked by 50 paise a litre. Diesel will now cost Rs. 58.97 per litre in Delhi compared to Rs. 58.40 currently.

Price of a 14.2kg cylinder of non-subsidised cooking gas (LPG) has also been cut by Rs. 19 and will cost `901 a cylinder from Sunday.