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Another petrol price cut likely tomorrow

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. HT reports.

delhi Updated: Nov 29, 2011 02:19 IST
HT Correspondent

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.