On a day when BJP-led NDA and the Left parties called a Bharat Bandh or a nation-wide street protests against petrol price hike, the government appeared in no mood to announce a cut.u00a0 &quot;To my mind, there will be no revision in rates tonight,&quot; a senior official at one of the three state-run fuel retailers said. Indian Oil, Hindustan Petroleum and Bharat Petroleum had over the past one week indicated of a scope of reducing rates from June 1. The three firms, as per practice, were to revise rates of petrol today based on average international oil price and rupee-US dollar exchange rate in the previous fortnight. With international gasoline rates, against which petrol is benchmarked, falling to USD 114-115 from USD 124 (that was taken into account for the steep Rs 7.54 a litre hike effected from May 24), there existed a scope for reducing prices by Rs 1.50-1.60 a litre. &quot;If they (oil companies) would have reduced rates today, the Opposition would have gone to town claiming that their Bharat Bhandh was successful which forced the government to cut prices,&quot; an industry official said. Sources said the oil companies may take a call tomorrow on the quantum of reduction considering that rupee has depreciated further against the US dollar - from Rs 53.17 to a dollar to Rs 55.30. Rupee depreciation raises cost of imports. Every dollar fall in oil price should translate into a cut in product price by 33 paisa. But every time rupee depreciates against US dollar by Re one, it translates into a requirement to raise prices by 77 paisa. u00a0

Petrol prices may be revised tomorrow with companies talking about a scope of cutting rates by Rs 1.50-1.60 a litre.

Petrol prices may be revised tomorrow

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Petrol prices may be revised tomorrow

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