Petrol prices slashed by Rs. 1.85/- per litre

Petrol prices slashed by Rs. 1.85/- per litreFinally there is some good news for all of us, after several hikes in petrol prices. Now State-run oil firms will cut petrol prices, excluding local tax, by 1.85 rupees per litre from Wednesday, reports said. This is the first reduction in prices in nearly three years.

The price of petrol has been slashed by Rs 1.85 per litre and the new rate will be effective from midnight tonight. The actual reduction in prices, however, would vary from states to states.

Petrol price in Mumbai has been reduced by Rs 2.34 per litre to Rs 71.47 per litre, while in Kolkata the cut is Rs 2.31 to Rs 70.84 a litre. Price in Chennai will come down to Rs 70.38 per litre from Rs 72.72, a decrease of Rs 2.35 per litre.

The reason for the drop of prices fuel has Gasoline, or petrol, prices averaged USD 115.85 per barrel during the first half of November, as against the USD 121.67 per barrel average during the second fortnight of October, which formed the basis for the Rs 1.80 per litre price increase. Also adding to the factor is the slight fall in exchange rates from Rs 49.40 (Oct) to Rs 49.20 (Nov) per US Dollar.

Also see –  Petrol prices likely to be reduced next week