According to the oil distribution company, a regular fortnightly revision is likely to carry out in petrol prices. Sources said that rupee depreciation and crude oil prices would be highlighted in petrol prices in the next fortnight. [UPDATE: Petrol Price to be shed by Rs 5?]
Earlier on Tuesday (Nov 15), the oil marketing companies had cut down the petrol prices by Rs 1.85 per litre across the country. The petrol price cut has happened for first time since petrol was deregulated in India last year. Country's biggest oil retailer, Indian oil Corporation said that the reduction is possible because of a fall in global oil rates.
Reacting to the cut, Minister of State for Petroleum and Natural Gas, RPN Singh had said, "Crude oil have come down by $4 and we have passed it on to consumers. Petrol prices are deregulated."
The petrol prices have been increased four times in this year with the last two hikes coming within two months of each other. Petrol prices went up by Rs 3.14 in Sept and then by Rs 1.82 two weeks ago.