Finally! Petrol car owners can thank God for small mercies. We reported that petrol price might go down the day Govt. decided to review it. Today, news emerges that petrol will get cheaper by up to INR 2 with effect from midnight today. This reduction comes soon after petrol got cheaper by INR Rs.1.2 (approx) in Delhi. Petrol will now cost Rs. 71.18 per litre in the capital.
The small relief comes almost 9 days after gasoline prices were increased by as much as INR Rs. 7.50 a litre. The reason cited was the usual- Indian rupee losing value when compared to US dollar. Owing to an uproar by the common man, a few State govts later provided a relief of up to INR 1.5 by reducing VAT on petrol. While rupee continues to lose value against the US dollar, the price reduction is owing to international crude oil prices taking a dip. Oil prices have headed south a little from last week’s price of $124 to $115 a barrel this week.