The reduction in rates is likely to be announced by the month end as per the practice of fortnightly revision in prices, and has been made possible due to appreciation of rupee against the US dollar.
Petrol price is cut by Re 2.50 per litre excluding VAT with effect from midnight today across India following a decline in international crude oil prices, however there is no change in diesel price, Indian Oil Corporation said while announcing the price revision today.
Petrol price is cut by Rs 2 per litre with effect from midnight today across four metros, following a decline in international crude oil prices, however there is no change in diesel price.
Nayantara Rai caught up with minister of state for petroleum, RPN Singh and began by asking him the rationale for the price cuts by the oil marketing companies despite an environment of constantly depreciating rupee.