Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.
State-owned oil marketing firms Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) meet to decide on the quantum of reduction in petrol prices to be passed on to consumers, who suffered the steepest ever petrol price hike of around 10 % last month. This would be the second successive cut in petrol prices after oil firms agreed to roll back petrol prices by Rs 2 on June 2.
A senior official with India’s biggest oil retailer told media “There is scope to reduce petrol prices between Rs 2 and Rs 3 a litre on falling international crude oil prices but the quantum of cut will be ascertained only after adjusting the rupee’s fall against the US dollar.”