“We might do the same again, but this time close to one rupee per litre as there is a scope for further reduction,” an official of an OMC told Deccan Herald on Monday.
The state-run OMCs had cut petrol prices by Rs 1.82 per litre mid-November following a reduction in global oil prices and rupee-dollar parity since end of October. That was the first reduction in petrol prices in the past three years.
The Singapore gasoline prices have now averaged $108.76 a barrel compared to $114.13 in the previous fortnight, according to calculations.
The last time when petrol prices were slashed in mid November, the pieces of gasoline in global market had dropped to $115 a barrel. The rupee had also averaged 49.50 a dollar.