Rs 4 cut in petrol price likely on Jul 1
Motorists finally have some reason to cheer as the petrol prices may be reduced soon. According to sources, oil marketing companies are mulling a remarkable cut of Rs 4 per litre from Jul 1 in view of the recent downtrend in global crude oil prices. When the petrol price was last revised on Jun 2, a barrelof 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.