A few days back we shared that prices of petrol might be reduced a couple of rupees but it did not happen. The reason provided by oil companies was the dying value of rupee.
However, international crude rates have gone to their lowest level since December 2010 and there is ample amount of room for a hefty price cut on petrol. Petrol costs per barrel have reduced to around 97 dollars from $115 earlier.
There is scope for as much as Rs 4 reduction on per liter of petrol currently, however, with the falling rupee cost of imports might again increase. Hence, companies are keeping an eye on the condition and a decent amount of price reduction is definitely expected starting July 1.
Source: Financial Express