Petrol car owners in the country might have a happier Diwali as state-owned oil companies plan to reduce petrol prices by Rs 1. There has been some drop in crude oil and gasoline rates in the international market and the benefits of the same might be transferred to customers at the next price review.
Hindustan Petroleum, Bharat Petroleum and Indian Oil meet every fortnight to review petro prices. They were last revised on October 27, when the rates were hikes by Rs 0.29 to 68.19 per litre in New Delhi. The rupee has also appreciated a bit against US dollar, which will also be a supporting factor in price cut.
Petrol prices were deregulated in 2010 by the government so they are directly impacted by international rates. Oil companies have now started reviewing rates every fortnight to make necessary changes, unless if advised otherwise by the government to gain political mileage.