Finally there is some good news for all of us, after several hikes in petrol prices. Now Oil companies in India have announced that petrol will be cheaper by Rs 2 per litre effective from today (3rd June 2012) across India. This is the partial rollback of the Rs 7.50 a litre increase affected more than a week ago.
Actually, the price of petrol has been reduced by Rs 1.68 (excluding local taxes and VAT). This mild cut will however bring some relief to petrol vehicle users across India. This reduction in petrol prices would vary from state to state across India, the petrol prices of important metro cities in India are as follows –
- Petrol Price in Delhi is now Rs. 71.14 per Litre
- Petrol Price in Mumbai is now Rs. 76.16 per Litre
- Petrol Price in Kolkata is now Rs. 75.53 per Litre
- Petrol Price in Chennai is now Rs. 75.05 per Litre
- Petrol Price in Bengaluru is now Rs. 79.01 per Litre
The reason given is that the price of petrol per barrel has gone down from USD 124.37 when price of petrol was hiked on 24 May to USD 115.77 now.
What we say? The price of petrol shouldn’t raise so steep (about 10%) again as it did on 24th May 2012 as it causes a lot of inconvenience for the middle-class motorcycle and car users in India. It’s better to have small increases and decreases from time to time rather than onetime increment.