“Along with the downtrend in international crude oil prices, the rupee-dollar equation has also exhibited a stable trend during the period, indicating that price of petrol could come down substantially,” said a senior oil company official.
Petrol currently costs Rs. 72.43 a litre in Delhi, Rs. 81.31 in Mumbai, Rs. 80.20 in Kolkata and Rs. 75.71 a litre in Chennai.
State-owned oil firms had hiked petrol prices by up to Rs. 1 per litre, and diesel by up to 60 paise a litre, on January 3. Oil firms had attributed the hike to an increase in global oil prices and depreciating value of the rupee against the US dollar between December 16 to January 2.