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Rs 4 cut in petrol price likely on Jul 1
When the petrol price was last revised on Jun 2, a barrel of crude cost 115 US dollars. Now the same is available for 99 dollars but the companies will take the decision only if crude prices continue to remain steady and the rupee does not fall further against the dollar.
Every time there is one-rupee depreciation vis-à-vis the dollar, petrol price rises by 75 to 80 paise but in case the dollar is devalued, oil companies can slash the petrol price by 34 paise.
OneIndia News
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Story first published: Wednesday, June 27, 2012, 16:37 [IST]