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Petrol Prices To Come Down Soon: FM
The petrol price hike saw angry responses both from political parties and general public forcing the government to take remedial measures. Petrol prices had crossed above Rs.81 in some Indian cities. The Rs.2 drop one week of the hike has brought it down to Rs.79. However it is still considered as very expensive.
The finance minister's statement should come as a relief to consumers and carmakers alike. Major carmakers such as Maruti Suzuki and Hyundai have been forced to reduce production of petrol cars due to the sharp decline in demand. Demand for diesel cars has shot up considerably and Carmakers such as Maruti Suzuki who used to sell two petrol cars for every diesel car are seeing that ratio coming down to a parity.
If petrol prices does come down within a few days, carmakers are expecting the demand for petrol cars can rebound quickly. Most carmakers are fearing increasing petrol prices will create very high demand for diesel cars and their current production capacities cannot match the existing demand.
The possible cut in petrol prices has been triggered lowered crude oil prices. The crude oil price has seen a drop after analysts predicted a less than robust economy in the USA and China, the world's two largest consumers of crude oil.
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