Wednesday, August 13, 2014
By Kriti Gupta
Petrol companies to drop petrol prices from Independence Day
It is reported that the petroleum companies are planning to decrease the price of petrol about Rs. 2.50 from Independence day. It would be interested to know that it would be for the second time during the ongoing month that price of petrol would be dropped down and this would be also the lowest drop of the year. However it is also possible that the drop in petrol price may even be higher than the proposed depending upon the regular decline in price of petrol in international market and the increase value of Indian rupee against the dollar. As on today’s date average depreciation of rupee against dollar is above 70 paise.
According to sources close to petroleum industry the price of petrol at international market has dropped about $7.5 per barrel as compared to last fortnight. The petrol dealers located in Delhi have reduced the price of petrol by Rs. 1.09 pet litre on August 1, 2014. This is for the first after April that the petrol companies have dropped the price of petrol twice in month. At present the price of petrol per litre in Delhi is Rs. 72.51.
It is also reported that the Ministry of Petroleum is speculating to soon meet the Cabinet Ministry with new plan for petroleum price which will bring the uncertainty on state’s subsidy on ONGC Base. The Petroleum is also thinking on the proposal offered by major petroleum companies to retain the fuel revenue to minimum of US $ 65 per barrel.