There are chances that the state run oil companies might cut the prices of petrol by up to Rs. 2 per litre at their scheduled review meeting on June 15, 2012. The consideration has been made looking at the decline in the rates of crude oil in the international market.

On May 24, the oil companies hiked the rates of petrol by a massive Rs. 7.54 per litre, which was the steepest hike in many months as the average price of the Indian basket of crude oil maintained at USD 116 a barrel.

Since then the crude oil prices have fallen to USD 96 per barrel on June 13, which is the lowest level in the past one year. Later the rate was reduced by Rs. 2.02 per litre.

A meeting will be attended by the state run oil marketing firms like Hindustan Petroleum Corporation, Indian Oil Corporation and Bharat Petroleum Corporation on the quantum of reduction in petrol prices. It was observed in the first 15 days of the month of June that the Indian crude basket was trading at around USD 96 per barrel, which was down from USD 101.63 per barrel compared to the last fortnight in the month of May. After the prices were raised in May, a huge uproar was created in the country to roll back the massive hike.