Moneycontrol
Jun 28, 2012 08:06 AM IST | Source: Moneycontrol.com

Petrol price likely to be cut by Rs 4/lit on July 1: Report

After the much hue and cry, petrol price is likely to reduced by upto Rs 4 per litre from July says a media report. The continuous fall in crude price touching almost near eight-month lows is probably the trigger.

Petrol price likely to be cut by Rs 4/lit on July 1: Report

After much hue and cry, petrol price is likely to be reduced by upto Rs 4 per litre from July says a media report. The continuous fall in crude price touching almost near eight-month lows is probably the trigger.


However, in an interview to CNBC-TV18, Sudhir Vasudeva, Chairman, ONGC had said that under recovery won't fall even though crude oil price have decreased.


He said, "Depreciation of rupee is 20% which wipes out all the gain of oil price decrease. As far as the subsidy is concerned we have been instructed only to pay that provisionally USD 56 a barrel."


The government faced severe criticism after it raised petrol price the by Rs 7.54 a litre on May 23.

 

Sections
Follow us on
Available On