Petrol prices slashed by Rs 0.57 per litre

Petrol prices slashed by Rs 0.57 per litre

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In some relief for Indian petrol vehicle owners, state oil firms have slashed the prices of petrol by Rs. 0.57 per litre. However, the industry was expecting a price slash of at least Rs. 1 per litre. The expected price cut could be met, due to the appreciation of the Indian rupee against the US dollar, as well as the softening of international oil prices.

According to the Economic times, a statement from the Indian Oil Corp said, “It has been decided to revise petrol prices downward by Rs 0.56 per litre excluding state taxes, from Tuesday”. The owners of petrol pumps say that the recent price slash matches with their increase of commission on fuel .

Dealers are also expecting a hike in their margin shortly, which is expected to neutralize the impact on consumer prices. The Indian Oil Corp in their statement added, that while the rupee-dollar exchange rate had shown an appreciating trend, international prices had continued to remain firm.

The statement went on to say, “There has been significant volatility in international oil prices and INR-USD exchange rates. The trends in the international oil market and INR-USD exchange rate shall be closely monitored and the same shall be reflected in future price changes”. The dealers have now firmly demanded a 57 Paise hike in dealers commission.