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Prices of petrol may be cut again

Last Updated 28 November 2011, 20:38 IST

“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.

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(Published 28 November 2011, 15:17 IST)

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