Centre, LBT make petrol cheaper by over Rs 2/L - Times of India

NAGPUR: With implementation of local body tax (LBT) in the city, the petrol and diesel prices have come down by 98 paise and 60-74 paise per litre respectively on Monday as LBT rates on the commodity are lower than octroi rates. The citizens will get additional relief of Rs 1.12 per litre on petrol as public sector oil companies lowered prices. Thus petrol is now cheaper by over Rs 2/litre in city. Petrol prices at IOC pumps came down to Rs 77.44 per litre from Rs 78.42 per litre following LBT introduction. The premium petrol was reduced to Rs 86.94 from Rs 87.92 per litre. The diesel prices came down to Rs 57.79 from Rs 58.39 a litre. At BPCL pumps, petrol was down to Rs 77.49 from Rs 78.46 per litre. Here diesel came down to Rs 57.65 from Rs 58.39 a litre.At HPCL pumps, petrol price was reduced to Rs 77.47 from Rs 78.45 per litre. Interestingly, the reduction on petrol price was more than the relief obtained with implementation of LBT. Earlier, the petroleum companies used to pay Octroi on the price of petrol that had already octroi amount included. LBT brought an end to that goof up. The public sector oil companies also cut prices of petrol by 85 paise per litre with effect from midnight Monday following fall in international crude prices. This will bring down prices by an additional Rs 1.21 per litr e. The price of cooking gas would also be lowered a bit. NMC will charge 2% LBT on LPG (domestic) and 3.5% on LPG commercial against 4.5% under octroi. Sources told TOI the prices may be reduced from Tuesday. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHUu-krRbm4ZJMSfO5VYU4JwlldmA&url=http://timesofindia.indiatimes.com/city/nagpur/Centre-LBT-make-petrol-cheaper-by-over-Rs-2/L/articleshow/19335018.cms

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