Oil companies not to revise petrol prices in India

Oil companies not to revise petrol prices in India

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The oil companies in India on October 15, 2013 decided not to make any changes regarding petrol prices. The country's oil companies said that they will keep an eye on the movements in international oil rates and the value of the Indian rupee, before making any decisions to change the current rates.

petrol

On October 15, 2013, prices of petrol were expected to be revised, as per the custom of updating rates every fortnight. Prices are usually revised on the basis of trends in the international oil market and the Indian rupee-dollar rate in the previous two weeks. One of the top officials of a state-owned fuel retailer said, “There has not been any significant change since the last revision and so we are not doing anything just now”.

Last time, the prices of petrol were revised on October 1, 2013 and were cut by Rs. 3.05 per litre, without local taxes. The price of petrol in New Delhi was deducted by Rs. 3.66, to Rs. 72.40 per litre.

Since June 2013, petrol rates have been increased seven times and came to a total of Rs. 10.80 per litre, as the Indian rupee depreciated significantly against the US dollar.

Photo Credits: WSJ

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