Petrol prices to be slashed by Rs 3.10 from midnight

Jun 29, 2012, 06:43 IST | Agencies

After petrol prices were increased by Rs 7.50 � the steepest hike ever � in May, there is some good news as state-owned oil firms have decided to cut petrol prices by Rs 2.46-3.22 per litre with effect from midnight.

Mumbaikars will have to now shell out Rs 73.33 per litre — a Rs 3.10 per litre cut. Indian Oil, Bharat Petroleum and Hindustan Petroleum, as a practice, were to revise the petrol price from June 15 but put off the decision by a couple of days. Yesterday, they decided to implement the cut from midnight.

Oil firms had last cut petrol rates by Rs 2.02 a litre with effect from June 3 in a partial rollback of the steep Rs 7.54 per litre hike effected last month. Sources said that the last revision was done keeping in mind an average of $115.77 per barrel rate of petrol, against which domestic petrol prices are benchmarked. Gasoline rates have since fallen to $106.93 per barrel. But the rupee has devalued to Rs 55.69 to a US dollar from Rs 54.96.  

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