Petrol prices cut by Rs 2

Petrol prices cut by Rs 2

After two quick rounds of hike, oil marketing companies on Friday resorted to a sharp cut in petrol prices by Rs 2 per litre with effect from Friday-Saturday midnight. This excludes the local taxes, which vary from state to state.

The diesel prices were, however, left unchanged, fuelling speculation that the step would have been taken apparently to avoid any trouble in Parliament. India’s largest oil retailer, the Indian Oil Corporation, said the price slash was possible due to easing of international oil prices and a marginal depreciation in rupee.

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