Petrol price reduced

Oil companies to slash petrol prices by Rs 1.90/lt from midnight

NEW DELHI: Petrol is expected to be cheaper by about Rs 1.90 a litre in Delhi from Tuesday midnight as state oil firms have decided to cut its rates for the first time in last 33 months under pressure from the ruling Congress, which demand an immediate roll-back of the recent price hike.

Executives of Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum have confirmed that their top management is currently meeting in New Delhi to decide reducing prices of petrol, a deregulated fuel since June last year.

The three firms had raised petrol prices by Rs 1.80 a litre in Delhi on November 3, which was the 13th hike since June last year despite several downward fluctuations in international rates of the fuel, which is the benchmark for determining the domestic rates.
Source http://m.economictimes.com/PDAET/articleshow/10741421.cms