Petrol prices in the country might go down over the next few days by as much as Re. 1 per litre and this would bring a sigh of relief for the owners of petrol vehicles. The prices may be cut when the state owned oil firms review rates in the next few days. Petrol prices in the country were last revised on October 27, when it was raised by 29 paise, taking the petrol price in the national capital to Rs. 68.19 per litre.
R S Butola, Chairman, Indian Oil Corporation some days back said that there has been a reduction in gas prices in the International market, which brings out a possibility for cutting down petrol prices in the country. Apart from this, the Indian currency too has got stronger against the US dollar; thus, reducing the import cost.
Earlier this year, in an unprecedented move, petrol prices in the country were raised by Rs. 5 per litre, creating havoc among the petrol powered vehicle owners and the auto companies. As a result, the sale of petrol vehicles dipped, leading to piling up of vehicles in the inventories. The total sales of petrol vehicles of almost all the auto companies doing operations in the country were hit, as people showed more penchant for diesel powered vehicles. This also forced auto companies to roll out more diesel vehicles.
Though this 1 Re. cut in petrol prices might look like a drop in the ocean, it, however, would definitely bring a ray of hope for the auto companies to clear the vehicles in the inventories. On the other hand, this cut in petrol prices would be like a Diwali gift for petrol powered vehicle owners.
