It seems that I-day will be a day to celebrate and not just to honour the occasion of independent India turning 67. A report from the ET suggests that the State Oil firms will cut prices of petrol by Rs 2.50, the largest drop in the price of the fuel in many months.
The report suggests that the price of petrol will fall to about Rs 70 in the capital and Rs 79 in Mumbai. It may become steeper if the downward trend in international rates continues and the rupee appreciates against the dollar by August 15.
This will be the second consecutive price cut in a month as the oil companies reduced the price by Rs 1.09 a litre with effect from August 1.
