Wednesday, 30 November 2011

Petrol prices fall by 78 paise in Delhi and 82 paise in Mumbai & Chennai



Indian government today slashed retail prices of petrol by Rs. 0.78 paise per litre to be effective midnight tonight. The decision was taken after a meeting here as softening Singapore spot petrol prices have offset the impact of a declining rupee.


This is the second reduction in petrol prices this month. On November 16, petrol prices were cut by Rs 2.22 per litre.

Prices of international gasoline, or petrol, have averaged $107 per barrel during the second half of November as against $115.85 a barrel average during the first fortnight that formed the basis for the Rs 2.22 per litre cut in prices, effected from November 16.

This is the third reduction in petrol price since January 2009 when rates were cut by Rs 5 per litre. Before that, the then oil minister Murli Deora had made oil firms slash petrol price by an equal proportion in December 2008.

The widening price gap between petrol and diesel has slowed the growth of petrol consumption, which has recently fallen behind that of diesel.

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