Tuesday, 15 November 2011

Petrol Prices to be slashed by Rs 1.90 per liter from today midnight




Petrol is expected to be cheaper by about Rs 1.90 a litre in Delhi from Tuesday midnight as state oil firms have decided to cut its rates for the first time in last 33 months under pressure from the ruling Congress, which demand an immediate roll-back of the recent price hike. The net effective slash to be passed on to the consumers would be Rs 2.22 less than the current petrol price.

"There is a $5.1/barrel drop in petrol price in the November 1-15 fortnight, giving a scope to reduce its price by Rs 1.60/litre exclusive of state duties. In Delhi it would completely neutralize the recent Rs 1.80/litre price hike," one executive said requesting anonymity as a formal announcement is expected later tonight.

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