Thursday, 14 June 2012

Petrol prices may further be cut - Ministers to meet today

Petrol Ministers to meet in a joint meeting with State run Oil companies like IOCL, BPCL and HPCL to discuss the revision in prices of Petrol. This is because of the global crude prices which have come down to 96.5$ per barrel.

As per this, the prices of Petrol in India should be reduced by Rs 1.50 - Rs 2.00 per liter. Concerned by the widening gap between diesel and petrol rates, the government is considering hiking diesel prices by Rs 3 a litre, officials said. However, the meeting of the Empowered Group of Ministers, which can raise diesel prices, has not been called so far. Diesel is sold at Rs 40.91 a litre in Delhi, which is about Rs 30, or 74%, cheaper than petrol.

The petrol prices are expected to be reduced on or before June 16, officials said. The subdued international crude oil rates is expected to help oil firms reduce petrol prices by about Rs 3 a litre, which will reduce the price gap with diesel to some extent. This may put on hold the oil ministry's demand to impose hefty levies on diesel cars, government officials said. Automobile manufacturers are fiercely opposing any proposal to impose additional duty on diesel vehicles.

Petrol prices were revised on 23rd May and were increased by Rs 7.54 per lite, and was later on reduced by Rs 2.00 per liter on 2nd June 2012. 


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