This morning we bring you a Good news and something which will effect most of the India's population. If we had asked 100 people in India, tell us which one commodity would you like to have got reduced the earliest (ofcourse everybody would have loved to see whole basket of commodities price coming down the ladder) 99 of them would have replied with "Crude".
So, here we are with a positive news from the Indian Government, that petrol prices may be reduced by Rs 2 wef 01st Decemeber 2011, Thursday the second successive cut in two weeks, as benchmark Singapore gasoline margins dipped after the last fortnightly review.
One official said the oil companies may decide on a smaller cut in prices to make up for past losses, but the oil ministry is keen to adopt a transparent system of petrol prices based on international rates. The previous fortnight ended November 15 saw petrol price in Delhi cut by Rs 2.22 a litre. Executives say the entire gain of petrol prices could not be passed on to the consumer because of the rupee depreciation.
The first downward revision was on November 16 when prices were cut by Rs 2.22 a litre in Delhi, reversing the November 4 price hike, following stiff resistance by all political parties including ruling Congress and its allies.
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