OMCs cut petrol prices by Rs. 0.78 per litre
The government’s three oil marketing companies Indian Oil Corporation, BPCL and HPCL have decided to revise petrol prices downwards by Rs. 0.78 per litre With taxes w.e.f. 1st Dec, 2011. It is the second cut in petrol since the fuel’s price was decontrolled in June last year. Petrol prices have moved up by nearly 39 per cent since decontrol. Petrol would now cost Rs. 65.64 a litre in New Delhi against Rs. 66.34 earlier.
Reduction in petrol prices has come in spite of a drop in rupee against the dollar in Interntional market in past two days. The cut may help the UPA government under attack from the opposition in parliament over the rising prices.