Petrol prices likely to drop next week

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Oil Pump
New Delhi, Nov 12: Oil companies are planning to reduce petrol prices by about Rs 1 next week and it will be the first reduction in petrol prices since 2009.

Earlier, on Nov 4, the oil retailers had hiked the petrol prices by Rs 1.8 rupees per litre citing high crude prices. This was the fifth hike in the petrol prices since Dec 2010.

The oil companies had said last week that the hike was needed due to rupee's depreciation and hardening of crude oil prices.

Mr R.S. Butola, Chairman, Indian Oil on Wednesday (Nov 9) said that Indian Oil Corporation has suffered a big dent in the second quarter of the current fiscal. He also said that oil companies have not been able to recover the losses which occurred from the subsidy in the sale of kerosine, diesel and LPG. He urged the government to take strong steps to prevent oil companies from facing loss by selling off their petroleum products below market rate.

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