Petrol woes eased as prices slashed by Rs 1.60/litre

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New Delhi, May 31: In a piece of news that could bring some relief to the aam aadmi on the steep hike in petrol prices, reports have emerged that the government is likely to slash petrol prices by Rs 1.60/litre. A Bharat bandh was also declared by the NDA protesting the UPA's move to hike petrol prices giving oil marketing companies a free hand to decide on the pricing. 

Media reports, however, state that the oil marketing companies will not announce a rollback of the petrol prices today (Thursday). 

But it seems the Opposition, especially the BJP is not happy with the partial rollback. Ananth Kumar from the BJP has been quoted as saying, "We want complete rollback of petrol prices, till then we will continue our struggle." 

Indian Oil Corporation (IOC) Chairman RS Butola had earlier claimed that the company may slash rates by Rs 1.25-Rs 1.50 per litre from Jun 1 as international market prices during the current fortnight have softened.

He added, "If there is a downtrend, we would definitely like to pass on the benefit to the consumers." 

More details awaited.

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