Petrol now cheaper by 65 paise a litre
01 Dec 2011
Petrol has become cheaper by 65 paise a litre from Thursday after state-owned oil marketing companies decided to cut its price following the fortnightly review of international oil prices and the rupee-dollar exchange rate.
This is the second time in less than a fortnight that petrol has become cheaper.
On 16 November the oil companies slashed the price of petrol by Rs1.85 a litre (excluding state levies), after having been hiked earlier on 4 November by Rs1.8 a litre.
This had lead to a storm of protests from political parties, including the Trinamool Congress, a key ally of the United Progressive Alliance (UPA) government.
The Indian government decontrolled the price of petrol on 25 June 2010, theoretically allowing the state-owned firms to revise prices depending on international crude oil prices and the rupee-dollar rate.
The oil marketing companies are supposed to review the price of petrol on a fortnightly basis.
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