HT had reported on Wednesday that petrol prices would be cut by Rs. 2 per litre. This is, perhaps, the first time that a minister has announced a reduction in fuel prices after petrol prices were freed from government control in June 2010. Till now, state-owned oil firms announced the price revision a few hours before the change took effect to prevent hoarding by petrol pump owners. However, Pradhan made the announcement more than 31 hours before the price cut will take effect.
Following the revision, petrol in Delhi will cost Rs. 70.33 per litre from Friday against Rs. 72.51 per litre currently. Oil firms had last cut rates on August 1 by Rs. 1.09 per litre.