Petrol prices may fall next week. RS Butola, the chairman of India’s Oil Company (IOC), India’s largest fuel retailer says that oil companies will cut prices by 1 per cent, or 60 paise (excluding taxes) is possible. That could be 80 paise with taxes included. Oil companies will consider average oil price in the first fortnight of November when they review retail prices on November 15.
Recently on November 4 oil retailers had hiked petrol prices by Rs 1.8 rupees per litre citing high crude prices. This was the fifth hike in the petrol prices since December 2010. The price was hiked by Indian Oil and other firms were expected to follow suit.
Less than two months after raising fuel prices by a whopping Rs 5 per litre, the State-owned oil companies had been pressing for Rs 1.82 per litre hike in the prices.
Oil company officials had said that the hike was needed because of rupee depreciation and hardening of crude oil prices. Now if prices are reduced, it will be the first cut in 33 months.
Last week’s price increase was second since September, triggering strong protests even from the ruling party and its allies.