Petrol Prices Reduced by Rs 3, More Respite Might Follow

We had the hints from oil companies that prices of petrol would get reduced in some time. As we reported that a price decrese of Rs 4 is expected to be announced effective July 1. However, to prevent petrol pump owners hoarding issues Oil companies announced a Rs 2.46 cut and it is already in effect from today.

With all the levies and taxes, the total reduction amounts to somewhere around for Rs 3 in different cities of India.

Petrol prices in various cities of India

  • New Delhi: Rs 67.78 (Less by Rs 2.46)
  • Mumbai: Rs 73.35 (Less by Rs 3.10)
  • Chennai: Rs 72.27 (Less by Rs 3.13)
  • Bangalore: Rs 76.39 (Less by Rs 3.22)
  • Hyderabad: Rs 74.89 (Less by Rs 3.22)
  • Kolkata: Rs 72.74 (Less by Rs 3.07)
  • Pune: Rs 73.70 (Less by Rs 3.16)

* Above mentioned are approximate prices

Adding the earlier 2 rupee reduction, the total decrease is approximately Rs 5 which is still less than the humongous hike of Rs 8 on May 24 but yes the effect has come down significantly. The good news is that there is still room for approximately a rupee reduction. If Indian rupee performs better, we might see some more respite in the coming days.

Also the oil companies are planning for daily or weekly price revisions based on international cruse prices. Do you think this reduction brings a respite to your household expenditure?

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Source: Economic Times