Petrol prices are likely to fall to the lowest in one year on Independence day as state oil firms are planning to cut the fuel's rate by Rs 2.50 per litre, the biggest fall in many months, government and industry.
Petrol would fall to about Rs 70 per litre. The cut may be steeper if the downward trend in international petrol rates continues and rupee appreciates against dollar by August 15, when fortnightly review of prices is due.
Petrol would fall to about Rs 70 per litre. The cut may be steeper if the downward trend in international petrol rates continues and rupee appreciates against dollar by August 15, when fortnightly review of prices is due.
This will be second consecutive petrol price cut in a month. Companies reduced the fuel rate by Rs 1.09 per litre in Delhi from August 1 for the first time since mid-April. Currently petrol is sold at Rs 72.51 per litre in Delhi.
Revenue losses will go up marginally from current Rs 1.33 per litre, sources said. Meanwhile, the oil ministry is preparing to approach the Cabinet soon with a comprehensive fuel pricing reform plan that would end uncertainty over subsidy sharing by state explorers such as ONGC. The ministry is considering a proposal of upstream companies to retain minimum $65/barrel revenue.
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