Following a considerable hike in the petrol prices in the country about two weeks back, which met with a huge criticism from vehicle owners across the country, the state oil agencies have reduced the prices of petrol by Rs 2.22 per liter. The move came as a relief for the passenger vehicle owners across the Indian market, who are struggling with the continuously increasing petrol prices.
The latest reduction in the petrol prices is even higher as compared to hike of Rs.1.80 announced about two weeks back. In the National Capital, the petrol fuel is now available at Rs 66.42 per litre, as compared to Rs 68.64 per litre last week.
While commenting on the latest price reduction in the petrol fuel, Mr. RS Butola, Chairman of Indian Oil Corporation, said, "Indian Oil has decided to reduce petrol prices by Rs 1.85 per litre, exclusive of state duties, from Tuesday mid-night." IOC is currently biggest fuel retailer in the Indian market with having a market share of about 50 percent.
Crude oil prices, on which the petrol prices depend, surged to $110.38 a barrel from $108.59, when the prices were revised. On the other hand, the value of rupees, which also affects the cost of oil purchased by crude oil retailers, has also depreciated by about 18 paise since then.
