The state-owned oil marketing companies are preparing for announcing on Wednesday a second cut in petrol prices in less than a month by around
Rs. 1 to
Rs. 1.50 a litre from Thursday.
The second petrol price cut — supposed to cheer the consumer and the opposition and
UPA allies, including the Trinamool Congress and DMK — follows softening of prices in the global market.
The three oil marketing firms —Indian Oil, Hindustan Petroleum and Bharat Petroleum — slashed petrol prices for the first time this month by Rs. 2.22.
A senior IOC official said global petrol prices were averaging $107 a barrel against $115 a barrel that led to the R2.22 cut from November 16.