However, the recent firming of rupee against US dollar has trimmed these losses to Rs 10.In a parallel move, diesel price was hiked by 50 paise, excluding VAT, in line with the January decision of the government allowing oil companies freedom to raise prices in small doses every month to wipe out mounting losses.50 per 14..New Delhi: Petrol price was cut by Rs 3.80 per litre, excluding VAT Rs 13.The hike in the ninth since the January 17 and most of the losses on diesel sales should have been wiped out by China Parallel Screw Barrel now to make the fuel market priced.86 currently.

The cut in petrol price is the first reduction in rates since May.IOC said the Government had on January 17 authorised oil marketing companies to increase the retail selling price of diesel within a small range every month until losses on the fuel are wiped out.05 per litre, the first reduction in rates in over five months and the steepest in over five years, while diesel prices were raised by 50 paise a litre."For the year 2013-14, IOC is expected to incur under-recovery of Rs 73,500 crore on sale of these three sensitive products (industry: Rs 1,39,600 crore)," the statement said.52 per litre," IOC said.63 per litre to Rs 76.The diesel price in Delhi has been hiked by 57 paise to Rs 52.