Millennium Post
Business

... Hints at petrol price reduction in a few days

Oil Minister M Veerappa Moily on Friday  hinted at a reduction in the price of petrol in the next few days, the first cut in rates in over five months. The reduction is likely to be announced by the month end as per the practice of fortnightly revision in prices, and has been made possible due to appreciation of rupee against the dollar.

'This is all dynamic pricing system and not static pricing... any advantage of price (reduction in international rates) and rupee (appreciation against US dollar) will be passed on to consumers... consumer will get full advantage,' he said.

Asked if a reduction in petrol price was possible on 30 September, he replied 'hope so.' 'Petrol is a deregulated commodity, the price of which is decided by our oil marketing companies based on input costs and other parameters,' he pointed out.

If state-owned oil firms cut rates at the month-end, it will be the first reduction in prices since May. The petrol price was last cut on 1 May by Rs 3 per litre, the steepest reduction in rates in over five years.
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