Petrol prices may cut by up to Rs 2 per litre on Friday

The oil marketing firms are predictable to cut petrol price by up to Rs 2 per litre on Friday due to lessening global basic prices. Basic prices, which cut down to $96.5 per drum on Wednesday, the lowly stage in the previous one year, have provide sufficient legroom for the oil firms to decrease petrol prices.

The State-owned oil marketing firms Hindustan Petroleum Corporation (HPCL),  Indian Oil Corporation ( IOC), and Bharat Petroleum Corporation (BPCL) will get together on Friday to make a decision on the quantum of decrease in petrol prices to be passed on to customers, who suffered the steepest yet petrol price hike of approximately 10 % last month. This would be the next consecutive cut in petrol prices after oil firms decided to roll back petrol prices by Rs 2 on June 2.

A senior authorized of Indian Oil Said “There is range to decrease petrol prices between Rs 2 and Rs 3 a litre on lessening global crude oil prices but the quantum of cut will be ascertained only following adjusting the rupee’s drop next to the US dollar.”

Previous this week, economics minister Pranab Mukherjee had hinted at a decrease in petrol prices on lessening basic oil prices. “A decrease in petrol prices will put the phase for the management to increase diesel prices following the presidential election gets over as oil firms are behind Rs 12.5 per litre on sale of diesel, which is an administered product,” said an oil analyst. Oil firms are behind over Rs 450 crore for each day on sale of sensitive petroleum products like diesel, cooking gas and kerosene with effect from June 1.