HindustanTimes Fri,18 Apr 2014

After 7 hikes, petrol price may be cut by Rs. 2 soon

HT Correspondent, Hindustan Times  New Delhi, September 28, 2013
First Published: 03:19 IST(28/9/2013) | Last Updated: 03:22 IST(28/9/2013)

Thanks to the appreciation of the rupee against the US dollar, oil minister Veerappa Moily on Friday indicated at a cut in petrol prices in the next few days.
Oil firm sources said that prices could be cut by nearly Rs. 2 a litre.


“This is all dynamic pricing… any advantage of price (reduction in international rates) and rupee (appreciation against US dollar) will be passed on to consumers,” Moily said.

The cut is likely to be announced by month’s end as per the practice of fortnightly revision in prices. Asked if this was possible by Sept 30, Moily said: “Hope so.”     

If the cut happens it will be the first reduction in petrol rates since May, when prices were reduced by `3 a litre. Since then, petrol price in Delhi has surged by `13.06 per litre in seven hikes and currently costs `76.06 per litre.

more from Business

Glenmark pulls 2,900 bottles of ulcer drug in US

India's Glenmark Pharmaceuticals Ltd is recalling some  2,900 bottles of its stomach ulcer drug ranitidine in the United States after a foreign tablet was found in one of the bottles.

Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved