Petrol price likely to get cheaper by Re 1
New Delhi, November 9 (AGENCIES): Petrol price may be cut by as much as Re 1 per litre over the next few days when state-owned oil firms review rates.
Petrol prices were last revised on October 27 when they were raised by 29 paise to Rs. 68.19 per litre in Delhi following government raising the commission paid to petrol pump dealers.
“There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked against) giving us some margins (on petrol). But they have moved up again in the last few days. “Also, rupee has appreciated against the US dollar ... we have to take a view (on prices) keeping all these factors in mind,” said R S Butola, Chairman of Indian Oil Corp, the nation’s largest fuel retailer.
The oil companies were making a margin of close to Rs. 2 per litre, but considering the impact of rise in gasoline rate and appreciation in rupee, the net available margin may be just around Re 1 per litre. “We will review (prices) in next few days ... may be at the end of the week or early next week,” Butola said.
Petrol prices were last revised on October 27 when they were raised by 29 paise to Rs. 68.19 per litre in Delhi following government raising the commission paid to petrol pump dealers.
“There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked against) giving us some margins (on petrol). But they have moved up again in the last few days. “Also, rupee has appreciated against the US dollar ... we have to take a view (on prices) keeping all these factors in mind,” said R S Butola, Chairman of Indian Oil Corp, the nation’s largest fuel retailer.
The oil companies were making a margin of close to Rs. 2 per litre, but considering the impact of rise in gasoline rate and appreciation in rupee, the net available margin may be just around Re 1 per litre. “We will review (prices) in next few days ... may be at the end of the week or early next week,” Butola said.
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