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Petrol Could Get Cheaper In The Coming Days
Ever since the Narendra Modi-led government has come to power, people have had high expectations from the Prime Minister. Now we hear that petrol prices could be reduced owing to international markets seeing a drop in prices.
On hearing this news many people have found some relief. Oil companies have stated they would like to maintain the current price of petrol as a pricing cushion. India imports most of its crude oil from Iraq, where a political crisis is going on. If they stop providing oil, other countries could increase prices.
The news has not been made official and a decision will be taken over the weekend. The new government and oil companies believe petrol could be made cheaper by 40 to 60 paise a litre. The price has dipped in international markets by USD 1.68 per barrel.
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An Oil Company Executive told our source, "Companies may decide not to reduce petrol rates this time because the unrest in Iraq is their major worry. We should have some pricing cushion against an expected spurt in international oil prices due to the crisis in the Gulf country that may disrupt supplies."
The last time the petrol prices were revised the USD was valued at Rs 58.81. The current value of one Dollar in India is Rs 59.33, oil companies that import crude oil to India pay the seller in USD. The oil companies have control over the pricing of petrol from June,2010.
Oil companies revise the price of petrol often. The last hike in petrol prices was in April, where it was reduced by 85 paise. It was soon increased by 10 paise last week.
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