Petrol prices are likely to come down in a couple of days. The reduction in rates is likely to be announced by Oil Minister M. Veerappa Moily by the month-end as per the practice of fortnightly revision in prices, and has been made possible due to the appreciation of rupee against the US dollar.
Oil Minister M. Veerappa Moily said, “This is all dynamic pricing systems and not static pricing… Any advantage of price (reduction in international rates) and rupee (appreciation against US dollar) will be passed on to consumers. consumer will get the full advantage.”
If state-owned oil firms cut rates at month-end, it will be the first reduction in prices since May. Petrol price was last cut on May 1, by Rs. 3 per litre, the steepest reduction in rates in over five years.However, since then petrol prices have gone up by seven times, totaling Rs. 10.80 per litre, excluding VAT, as the rupee depreciated sharply against the dollar.
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