Oil companies may reduce petrol prices by Rs 2.50 by Independence Day

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Many of us have opted to use public transport for our daily commute because of high petrol prices. But there is more than one reason to celebrate this Independence Day as oil companies are planning to reduce the price of petrol by as much as Rs 2.50 before August 15 in the National Capital. The price per litre is likely to fall to Rs 70 as against the current Rs 72.50 in Delhi. Downward trend in petrol prices along with appreciation in the value of rupee is the likely reason behind the expected fall in prices. The cut may get steeper if the value of rupee appreciates further.

Petrol prices skyrocketed after the deregulation of prices in June 2010. This fall will provide some relief to the consumers. Economic Times reported through its sources that the oil ministry is also preparing to meet the Cabinet with a broad fuel pricing reform plan that would end uncertainty over subsidy sharing by state explorers such as ONGC. The ministry is also considering a proposal of upstream companies to retain minimum USD 65/barrel revenue.

It still remains to be seen that how much the prices will really fall in the National Capital and in other metro cities by the Independence Day.

We hope to see fall in petrol prices by August 15 so we can enjoy this long weekend on long rides/drives while saving on petrol! What would you do if petrol prices fall by this Friday? Share your opinions through comments below.

Stay tuned into Motoroids for all the updates from the world of auto.

Source: ET Auto

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