Rejoice! Petrol gets cheaper. Price cut of as much as Rs.3.22 at some places

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I do not really need to mention that the petrol price in India is forcing petrol heads like me to contemplate suicide. Talking about petrol heads, does not this term sounds utterly cool? How many of diesel car users want to be known as diesel heads? Sounds funny, does not it? Now, the latest development, and one that we are loving, is that petrol prices have been slashed by as much as INR 3.22. The new prices get into effect post midnight. This is owing to international prices for oil getting to an all time low since December 2010.

“Yes, there is a scope for reduction in petrol prices. But I will not stick my neck out and say there will be a reduction for sure as we have to watch for volatility in the rupee as well,” a top official at one of the three PSU oil retailers had earlier said. 

The earlier petrol prices in India were as per an average of $ 115.77 per barrel international rate of gasoline. However, petrol rates have now fallen to about $ 97 a barrel internationally and hence there was a possibility of petrol getting cheaper in the country. Petrol will now cost Rs.s. 67.78 a litre in Delhi and Rs.73.35 per litre in Mumbai- A cut of almost INR 2.5. Depending on various taxex, the price cut varies at different places. Petrol prices will go down by INR 3.22 per liter at Hyderabad and Bangalore. 



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