Petrol price may be cut by Rs 1.5/litre: Report
According to sources, oil and marketing companies are likely to cut petrol prices by Rs 1.5/litre around August 15-16.
By Agencies | Updated:
NEW DELHI: According to News Wires flash on ET Now, Oil Marketing companies are likely to cut petrol prices by Rs 1.5/litre around August 15-16.
The government held out the possibility of a cut in domestic prices of petrol if international prices come down sharply and in a stable way.
Asked if the petrol prices will come down because international prices have gone down, Oil Minister S Jaipal Reddy told reporters here that "if the prices globally come down sharply and in a stable way, naturally the prices of petrol would be adjusted downwards".
Decline in global crude prices will help in managing India's inflation, Finance Minister Pranab Mukherjee said on Tuesday.
Brent crude fell as much as $5 to $98.74 a barrel, the lowest intraday price since Feb. 8. It recovered to $103.31 by 0730 GMT, but was still around $23 off an April peak above $127. US crude fell $1.2 to $80.13 a barrel, after touching $75.71, its lowest since September 2010.
A drop of 18 percent in U.S. crude prices so far this month may spur OPEC into action, said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp.
The government held out the possibility of a cut in domestic prices of petrol if international prices come down sharply and in a stable way.
Asked if the petrol prices will come down because international prices have gone down, Oil Minister S Jaipal Reddy told reporters here that "if the prices globally come down sharply and in a stable way, naturally the prices of petrol would be adjusted downwards".
Decline in global crude prices will help in managing India's inflation, Finance Minister Pranab Mukherjee said on Tuesday.
Brent crude fell as much as $5 to $98.74 a barrel, the lowest intraday price since Feb. 8. It recovered to $103.31 by 0730 GMT, but was still around $23 off an April peak above $127. US crude fell $1.2 to $80.13 a barrel, after touching $75.71, its lowest since September 2010.
A drop of 18 percent in U.S. crude prices so far this month may spur OPEC into action, said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp.
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